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

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During the second quarter of 2015, the global economy expanded at a more moderate pace than in the second quarter of 2014, led by a slowdown in both the advanced and emerging economies. Global inflation eased further, sustained by a fall in oil prices reflecting primarily an oversupply in the oil markets. Meanwhile, international financial markets experienced increased volatility, triggered by uncertainties regarding the timing and magnitude of US interest rate normalization and the outcome of the negotiations for a third Greek bailout.

Amid these international developments, the economy of Curaçao expanded by 0.4%, while Sint Maarten recorded a real GDP contraction of 0.6% in the second quarter of 2015 compared to 2014’s second quarter. Driven primarily by the development in international oil prices, the annual quarterly inflation in Curaçao turned around from 0.6% in the second quarter of 2014 to -0.6% in the second quarter of 2015. The fall in international oil prices also affected consumer prices in Sint Maarten, where inflationary pressures eased to 0.2%, down from the 2.0% recorded in the second quarter of 2014.



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