Curacao Economy 2016

Curacao Economy 2016

Page last updated on June 18, 2014

Economy - overview:
Tourism, petroleum refining, offshore finance, and trade and transport are the mainstays of this small economy, which is closely tied to the outside world. Although GDP grew slightly during the past decade, the island enjoys a high per capita income and a well-developed infrastructure compared with other countries in the region. Curacao has an excellent natural harbor that can accommodate large oil tankers. Venezuelan state oil company PdVSA, under a contract in effect until 2019, leases the single refinery on the island from the government, employing some 1,500 people; most of the oil for the refinery is imported from Venezuela; most of the refined products are exported to the US. Almost all consumer and capital goods are imported, with the US, Brazil, Italy, and Mexico being the major suppliers. The government is attempting to diversify its industry and trade and has signed an Association Agreement with the EU to expand business there. Most of Curacao’s GDP results from services. Curacao has limited natural resources, poor soils, and inadequate water supplies, and budgetary problems complicate reform of the health and education systems. In 2013 the government implemented changes to the sales tax and reformed the public pension and health care systems, including increasing the sales tax from 5% to as high as 9% on some products, raising the age for public pension withdrawals to 65, and requiring citizens to pay higher premiums.

GDP (purchasing power parity):
$3.128 billion (2012 est.)
country comparison to the world: 181

$3.02 billion (2011 est.)
$2.96 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2012 est.)
country comparison to the world: 89

2% (2011 est.)
0.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,000 (2004 est.)
country comparison to the world: 91
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.7%
industry: 15.5%
services: 83.8% (2012 est.)

Agriculture - products:
aloe, sorghum, peanuts, vegetables, tropical fruit

tourism, petroleum refining, petroleum transshipment, light manufacturing

Industrial production growth rate:
[see also: Industrial production growth rate country ranks ]

Labor force:
73,010 (2013)
country comparison to the world: 185
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.2%
industry: 16.9%
services: 81.8% (2008 est.)

Unemployment rate:
13% (2013 est.)
country comparison to the world: 127

9.8% (2011 est.)
[see also: Unemployment rate country ranks ]

Taxes and other revenues:
16.6% of GDP (2012 est.)
country comparison to the world: 184
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.4% of GDP (2012 est.)
country comparison to the world: 54
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33.2% of GDP (2012 est.)
country comparison to the world: 111

40.6% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3.2% (2012 est.)
country comparison to the world: 118

2.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

$1.607 billion (2011 est.)
country comparison to the world: 146

$1.44 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum products

$1.285 billion (2011 est.)
country comparison to the world: 174

$1.275 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
crude petroleum, food, manufactures

Exchange rates:
Netherlands Antillean guilders (ANG) per US dollar -

1.79 (2011)
1.79 (2011 est.)
1.79 (2010 est.)
1.79 (2009)
1.79 (2008)
note: the Netherland Antillean guilder was replaced by the newly created Caribbean guilder in 2013

NOTE: The information regarding Curacao on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Curacao Economy 2016 information contained here. All suggestions for corrections of any errors about Curacao Economy 2016 should be addressed to the CIA.

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This page was last modified 04-Feb-16
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