PHILIPSBURG:--- The Department of Statistics (STAT) reports that Gross Domestic Product (GDP) in constant prices for the year 2023 is estimated to have grown by 3.4 percent, while GDP at current prices increased by 6.3 percent.
- Current Prices = Good for showing actual income/value in a given year.
- Constant Prices = Good for comparing volume growth over time. (factors out inflation)
The most significant contributions to the estimated constant GDP growth in 2023 came from:
- Accommodation and Food Services: Up by 6 percent, attributed to a 6 percent increase in tourist "person-nights". (Arrivals multiplied by length of stay)
- Water Supply, Sewerage, Waste Management, and Remediation Activities: Increased 11 percent.
- Transportation and Storage: Rose by 7 percent, due to increased activity at the port and airport.
Other sectors showing notable growth include:
- Construction: Expanded by 6 percent, consistent with findings from the annual National Accounts Survey (NAS).
- Arts, Entertainment, and Recreation: Increased by 6 percent, also consistent with the growth in tourist person-nights.
For 2022, revised data now places real GDP growth at 16.0 percent, up from the previously estimated 13.9 percent.
With technical support from the International Monetary Fund’s Caribbean Regional Technical Assistance Center (CARTAC), STAT undertook a comprehensive review of its data sources. Based on CARTAC’s advisement, updated methodologies and high-frequency indicators were implemented to improve the accuracy and responsiveness of national accounts. These improvements represent a strategic shift away from reliance on the National Accounts Survey, allowing for the use of more timely and reliable data sources. While the NAS will continue to be used for sectors such as (construction, transportation, professional services, administrative services.) where no alternative indicators exist, its scope has been significantly reduced. These enhancements are part of STAT's ongoing efforts to modernize the National Accounts Program and improve its accuracy and timeliness. It is important to note that while this methodology is new to STAT, it aligns with international best practices and is already widely adopted by many regional and global statistical agencies.
That said, there may still be instances where STAT requests the cooperation of businesses to provide financial statements or complete the National Accounts Survey. This supplementary information remains essential in ensuring the accuracy, completeness, and overall quality of the national accounts.
Looking ahead, STAT is also exploring the integration of International Merchandise Trade Statistics (IMTS) through the ASYCUDA system. Once implemented, this system will support the production of key indicators of economic activity by industry, further enhancing the relevance and depth of national accounts. Additionally, STAT is actively strengthening collaboration with key partners, including the Central Bank, the Customs department, and other relevant government departments. Accessing administrative data from these institutions is in line with international best practices and will significantly improve the overall quality of Sint Maarten’s national statistics.
One of the most critical outputs of the National Accounts is the Gross Domestic Product (GDP) figure. GDP is not just a statistical measure. It plays a vital role in national development. It serves as a key tool for policymakers in planning and allocating resources, for investors in assessing the economic performance and potential of the country, and for local organizations in guiding strategic decision-making and identifying market opportunities.
In closing, the Department of Statistics would like to extend its sincere appreciation to all stakeholders and survey respondents for their continued support and timely cooperation. The data we collect, whether through National Accounts surveys or requests for financial statements, is essential for producing accurate and reliable economic indicators. We encourage ongoing participation and support from the business community and the general public, as this collective effort contributes directly to the development of high-quality national statistics.
For more information or to view the latest National Accounts tables, please visit the official website of the Department of Statistics: http://stats.sintmaartengov.org.
Sources of information include the Sint Maarten Population 2022 and Tourism Exit Survey Results; the 2024 Economic Census Survey; the Labour Force Survey, Tourism Exit Survey (TES), and Consumer Price Index (CPI). Additional data were obtained from the Centrale Bank van Curaçao en Sint Maarten (CBCS); GEBE; the St. Maarten Hospitality and Trade Association (SHTA); Princess Juliana International Airport Exploitatiemaatschappij N.V. (PJIAE); the St. Maarten Harbour Port Authorities; and various large establishments operating in St. Maarten.
