Quarterly bulletin 2015-I Centrale Bank van Curaçao en Sint Maarten

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The global economy continued to grow during the first quarter of 2015, although the pace of growth was uneven across regions. In the advanced economies, growth reflected primarily an accelerated expansion in the United States and the United Kingdom, while the pace of expansion moderated in the euro area and Japan. In the emerging markets, real output growth weakened driven by a slowdown in China, Brazil, and Russia. Global inflationary pressures eased primarily because of lower international fuel prices.

Developments diverged also in the monetary union of Curaçao and Sint Maarten during the first quarter of 2015. In Curaçao, real GDP contracted by 0.2%, while Sint Maarten recorded an expansion of 1.6%. Both countries benefitted from the lower international fuel prices, resulting in lower inflationary pressures. In Curaçao, the inflation rate dropped from 0.8% in the first quarter of 2014 to 0.1% in the first quarter of 2015. Meanwhile in Sint Maarten, the quarterly inflation eased to 1.2%, down from 2.1% a year earlier.

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