Netherlands Antilles Economy Profile 2008

Economy - overview

Tourism, petroleum refining, and offshore finance are the mainstays of this small economy, which is closely tied to the outside world. Although GDP has declined or grown slightly in each of the past eight years, the islands enjoy a high per capita income and a well-developed infrastructure compared with other countries in the region. Most of the oil Netherlands Antilles imports for its refineries come from Venezuela. Almost all consumer and capital goods are imported, the US and Mexico being the major suppliers. Poor soils and inadequate water supplies hamper the development of agriculture. Budgetary problems hamper reform of the health and pension systems of an aging population. The Netherlands provides financial aid to support the economy.

GDP (purchasing power parity)

$2.8 billion (2004 est.)

GDP (official exchange rate)

$NA

GDP - real growth rate

1% (2004 est.)

GDP - per capita (PPP)

$16,000 (2004 est.)

GDP - composition by sector

agriculture: 1%
industry: 15%
services: 84% (2000 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

2.1% (2003 est.)

Labor force

83,600 (2005)

Labor force - by occupation

agriculture: 1%
industry: 20%
services: 79% (2005 est.)

Unemployment rate

17% (2002 est.)

Budget

revenues: $757.9 million
expenditures: $949.5 million (2004)

Industries

tourism (Curacao, Sint Maarten, and Bonaire), petroleum refining (Curacao), petroleum transshipment facilities (Curacao and Bonaire), light manufacturing (Curacao)

Industrial production growth rate

NA%

Electricity - production

1.175 billion kWh (2005)

Electricity - consumption

891 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

68,000 bbl/day (2005 est.)

Oil - imports

282,500 bbl/day (2004)

Oil - exports

217,800 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

aloes, sorghum, peanuts, vegetables, tropical fruit

Exports

$3.71 billion f.o.b. (2006)

Exports - commodities

petroleum products

Exports - partners

US 27.2%, Panama 11.4%, Mexico 9%, Germany 6.2%, Haiti 5.3%, Singapore 4.8%, Bahamas, The 4.2% (2006)

Imports

$15.74 billion f.o.b. (2006)

Imports - commodities

crude petroleum, food, manufactures

Imports - partners

Venezuela 71.1%, US 10.4%, Italy 3.7% (2006)

Debt - external

$2.68 billion (2004)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$488.6 billion (2003)

Economic aid - recipient

$21.32 million (2004)

Currency (code)

Netherlands Antillean guilder (ANG)

Exchange rates

Netherlands Antillean guilders per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)

Fiscal year

calendar year