GREAT BAY--St. Maarten’s economy is estimated to have grown by 3.4 percent in 2023, based on inflation-adjusted figures (constant prices), according to the Department of Statistics (STAT). In current prices, which reflect actual income and spending value, GDP increased by 6.3 percent.
The main drivers of growth in 2023 were:
• Accommodation and Food Services, which grew by 6 percent, supported by a similar increase in tourist "person-nights" (the number of visitors multiplied by their length of stay).
• Water Supply, Sewerage, Waste Management, and Remediation, which rose by 11 percent.
• Transportation and Storage, which expanded by 7 percent due to higher activity at the airport and seaport.
• Other sectors with strong performance included Construction and Arts, Entertainment, and Recreation, both increasing by 6 percent.
STAT also revised the 2022 real GDP growth figure upward to 16.0 percent, up from the previously reported 13.9 percent.
This year’s data release reflects changes made with the support of the IMF’s Caribbean Regional Technical Assistance Center (CARTAC). STAT has adopted more accurate and timely methods to compile the National Accounts, relying less on traditional surveys and more on high-frequency indicators. The National Accounts Survey (NAS) will still be used in sectors where no alternative data exists, such as construction and professional services.
STAT reminded businesses that they may still be asked to submit financial statements or complete surveys to help ensure the national accounts remain accurate and complete.
In the future, STAT plans to enhance economic reporting by incorporating International Merchandise Trade Statistics (IMTS) through the ASYCUDA system and expanding data-sharing partnerships with agencies like the Central Bank, Customs, and other government departments. These efforts are part of STAT’s broader goal to modernize and strengthen the national statistical system.
STAT emphasized that GDP figures are a critical tool for policymakers, investors, and businesses to understand economic performance and guide decision-making. The department thanked all stakeholders and survey respondents for their cooperation and encouraged continued participation to help produce reliable economic data.
https://tribune-site.webflow.io//articles/st-maartens-economy-grew-by-3-4-in-2023-says-dept-of-stat
