Quarterly Bulletin 2015-III Centrale Bank van Curaçao en Sint Maarten

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Global economic growth remained subdued during the third quarter of 2015, reflecting a modest recovery in the advanced economies and a slowdown in the emerging and developing economies. Meanwhile, global financial market volatility increased because of concerns among investors about the global growth prospects and uncertainty about the implementation of a new exchange rate regime in China. Global inflationary pressures eased further on the back of a marked decline in crude oil prices, due mainly to excess supply.

In the monetary union, economic developments differed between Curaçao and Sint Maarten. While Curaçao recorded a modest improvement of 0.3% in real output, Sint Maarten’s economy contracted by 0.3% in real terms in the third quarter of 2015. In addition, inflation dropped in both countries, reflecting primarily the impact of lower international oil prices. In Curaçao, the inflation rate fell from 2.7% in the third quarter of 2014 to -0.2% in the third quarter of 2015. Meanwhile, Sint Maarten’s inflation remained flat at 0.0%, down from the 1.9% recorded a year earlier.

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