Netherlands Antilles

Politics:

• Analysis

  Netherlands Antilles politics: St Maarten's government fails to act on labo

  Netherlands Antilles politics: St Maarten's government fails to act on labour disputes

  FROM THE ECONOMIST INTELLIGENCE UNIT

  The political scene has remained stable over the last three months. The government, a coalition between the Democratic Party (DP) and the United People's party (UP), remains in a relatively strong position following the decision of two members of the opposition party, the National Alliance (NA), to leave and set up as independent deputies supporting the government. Nevertheless, little progress has been made and several contentious issues concerning the labour unions remained unresolved.

  More than 100 workers, dismissed from the Simpson Bay Resort & Marina and replaced by temporary workers, have continued their legal action to try to secure their reinstatement. They are supported by the Workers' Institute for Organised Labour (WIFOL) primarily, but other unions have also supported the campaign. While the legal suit has slowly progressed, union leaders and some members of parliament have focused on the conflict of interest concerning the Simpson Bay Resort general manager, Jules James, who originally dismissed the workers and who is also a member of parliament for the UP. The labour unions, led by the Windward Islands Teachers Union (WITU), have continued to press the government for a 3.2% cost of living adjustment payment to around 1,200 civil servants and more than 600 teachers. Government leaders have repeatedly deferred a decision, citing financial difficulties.

  March 22, 2012

• Background

  Netherlands Antilles: Key figures

  Emily de Jongh-Elhage

  Prime minister of the Netherlands Antilles since March 2006, Ms de Jongh Elhage is the leader of the Curacao-based Partido Antia Restruktura (PAR).

  Antony Godett

  Leader of the Frente Obrero Liberashon (FOL), Mr Godett is a controversial figure, having been sentenced to prison on bribery and corruption charges, since when the FOL has lost popularity. Nevertheless Mr Godett remains one of the most strident opponents of the government.

  The judiciary

  The judicial system operates independently of the legislature and the executive. Trial is by one judge in the Court of First Instance; first appeals are heard at the Common Courts of Appeal of the Netherlands Antilles and Aruba, and final appeals at the Supreme Court in the Hague, Netherlands.

  The legislature

  Under the 1954 constitution, executive power rests with the governor, who represents the government of the Netherlands, while the prime minister and the nine-member cabinet carry out executive responsibilities. The 22-seat Staten is elected every four years in island-wide polls. Fourteen members are elected from Curacao, three each from St Maarten and Bonaire, and one each from Saba and St Eustatius. As a result, governments tend to be precarious coalitions, depending on a delicate balance of inter-island interests. Each island has its own legislative council, which is renewed every four years and has jurisdiction over some internal affairs, although the central government has the power to overrule any decisions of the island councils that it deems to be against the public interest.

  Media services

  The Netherlands Antilles has a free press as guaranteed under Dutch law. There are eight daily newspapers published in Willemstad, two of which are published in Dutch, and six in Papiamento. There is also a Dutch-language weekly newspaper, De Curacaosche Courant. There are also English-language newspapers in Bonaire, St Maarten, St Eustatius and Saba. Two papers, Amigoe (Dutch language) and The Daily Herald (an English-language newspaper published on St Maarten) are also published online. There are 13 radio and three television stations, and six Internet service providers.

  July 31, 2008

• Structure

  Netherlands Antilles: Political structure

  Official name

  Land Curaçao

  Form of government

  Parliamentary democracy with control over internal affairs, including aviation, customs, communications and immigration; the Netherlands is responsible for external affairs, such as citizenship, defence and foreign affairs

  The executive

  The Council of Ministers is responsible to the Staten (parliament)

  Head of state

  Queen Beatrix Wilhelmina Armgard van Oranje-Nassau of the Netherlands, represented by a governor, responsibility in the Netherlands lies with the Home Office

  National legislature

  The Staten has 21 members, elected by adult suffrage every four years under a system of proportional representation

  Legal system

  Courts of first instance on the island, appealing to a High Court of Justice operated jointly with Aruba, Curaçao, Sint. Maarten and the BES Islands; in civil and criminal matters, the Dutch Supreme Court in the Netherlands will remain the highest legal authority

  Elections

  As part of the dissolution of the Netherlands Antilles federation elections for national governments took place in Curaçao on August 27th 2010; next national elections will take place in 2014

  Government

  A coalition of the Movementu Futuro Kòrsou (MFK, five seats), the Pueblo Soberano (PS, four seats) and the Movimentu Antiyas Nobo (MAN, two seats) holds a majority in the Staten; the Partido Alternativo Real (PAR) is the largest party in the Staten with eight seats

  Main political organisations

  Movementu Futuro Kòrsou (MFK); the Pueblo Soberano (PS); the Movimentu Antiyas Nobo (MAN); Partido Alternativo Real (PAR); Partido Nashonal di Pueblo (PNP); Frente Obrero Liberashon 30 di Mei (FOL)

  Prime minister: Gerrit Schotte (MFK)

  Key ministers

  Administration, planning & public services: Carlos Monk (PS)

  Economic affairs: Abdul Nasser El Hakim (MFK)

  Education, culture & sport: Lionel Jansen (PS)

  Finance: George Jamaloodin (MFK)

  Health & environment & nature: Jacinta Constancia (MFK)

  Justice: Elmer Wilsoe (PS)

  Labour: Burney El (UPB)

  Social development & welfare: Hensley Koeiman (MAN)

  Traffic, transport & regional planning: Charles Cooper (MAN)

  Central Bank president

  Emsley Tromp

  March 22, 2012

Economy:

• Background

  Netherlands Antilles: Economic background

  Gross domestic product by sector
  (Naf m)
  	2002	2003	2004	2005	2006
  Agriculture, fishing & mining	35.3	33.9	33.1	34.6	39.8
  Manufacturing	281.0	291.0	301.0	322.8	338.1
  Electricity, gas & water	187.2	246.9	255.4	276.6	282.7
  Construction	208.5	276.7	275.0	305.5	336.1
  Trade	709.0	639.7	654.9	721.0	760.5
  Hotels & restaurants	195.0	200.7	210.4	218.1	228.5
  Transport, storage & communications	437.9	535.7	528.9	520.2	541.9
  Other services	2,620.3	2,793.7	2,887.2	3,014.2	3,164.4
  Gross value added, market prices	4,674.2	5,018.3	5,145.9	5,413.0	5,692.0
  Taxes less subsidies	524.2	407.6	430.5	429.8	448.7
  GDP at market prices	5,198.4	5,425.5	5,576.5	5,842.8	6,140.6
  Source: Central Bureau of Statistics.

  Download text file (csv format)

  July 31, 2008

• Structure

  Netherlands Antilles: Economic structure

  Economic structure: Annual indicators

  	2007a	2008a	2009a	2010a	2011b
  Nominal GDP (US$ bn)c	2.6	2.8	2.9	3.0	3.0
  Real GDP growth (%)c	2.7	2.6	-1.3	0.4	0.1
  Consumer price inflation (av; %)c	na	6.9	1.8	3.1	1.9
  Population (‘000)c	138.9	140.8	141.8	142.0	142.9
  Exports fob (US$ m)d	649	1,076	805	807	(882)
  Imports fob (US$ m)d	2,458	2,989	2,474	2,622	(2,752)
  Current-account balance (US$ m)d	-635	-922	-609	-968	-947
  Gross reserves excl gold (US$ m)d	1,032	1,395	1,311	1,481	1,560
  Exchange rate (Naf:US$)d	1.79	1.79	1.79	1.79	(1.79)a
  a Actual. b Economist Intelligence Unit estimates. c Data are for Curaçao. d Data are for the custom union (Curacao & Sint Maarten).

  Download the numbers in Excel

  Origins of gross domestic product 2008	% of total	Employment by activity, Curaçao; 2008
  Financial intermediation	16.2	Wholesale & retail	9,718
  Commerce	12.2	Real estate, renting	5,929
  Manufacturing	5.5	Public administration/social security	5,093
  Construction	5.2	Health/social work	4,631
  Public utilities	3.6	Restaurants & hotels	4,546
  Hotels & restaurants	4.9	Construction	4,691
  Agriculture, fishing & mining	0.6	Financial intermediation	4,194
  Other services	51.8	Community	3,529
  GDP at factor cost	100.0	Total, incl others	56,535
  Main destinations of exports 2008	% of total	Main origins of imports 2008	% of total
  US	18.8	Venezuela	59.6
  Guatemala	10.4	US	19.3
  Dominican Republic	9.2	Brazil	4.7
  Haiti	7.3	Italy	3.2
  Singapore	6.6	Netherlands	2.8
  Note. Unless otherwise indicated all data refer to the Netherlands Antilles.

  Download the numbers in Excel

  Download text file (csv format)

  March 22, 2012

• Outlook

  Netherlands Antilles: Country outlook

  Curacao: Country outlook

  FROM THE ECONOMIST INTELLIGENCE UNIT

  OVERVIEW: The coalition government that took power in late November holds a one-seat majority. Given the coalition's inherent weakness and the risk that it may suffer defections, swift progress in defining policy priorities is unlikely. The government's weakness will give individual members of parliament considerable power to disrupt policymaking, making it highly vulnerable to pressure from interest groups. The new government will come under immediate pressure from the Kingdom Council of the Netherlands (the Netherlands ministerial executive, which includes former Dutch colonies) to enact spending cuts and possible tax increases, following fiscal deficits in 2011-12. In August, Curaçao and Sint Maarten agreed to measures to restore confidence in the Centrale Bank van Curaçao en Sint Maarten (CBCS, the countries' joint Central Bank), improving the survival chances of their currency union. In the absence of a firm decision on the future of the Netherlands Antilles guilder, or a timetable for the currency's replacement, significant uncertainty surrounding monetary policy will remain a deterrent to investment. A tepid economic recovery will be held back by weak conditions for tourism and international business. Fiscal restraint will undermine public investment, keeping real GDP growth below 2% in the 2013-14 forecast period. Inflation is contained, but higher commodity prices are an upside risk. The Economist Intelligence Unit forecasts that inflation will ease from an estimated year-end rate of 2.9% in 2012 to 2.4% at end-2013 on the back of weak consumer demand growth.

  DOMESTIC POLITICS: Curaçao has been a self-governing nation since October 10th 2010, except in matters of defence and judicial policy, which have remained the responsibility of the Dutch government. Political stability suffered a setback in early 2012, when a major corruption controversy eventually led to the resignation in August of the prime minister, Gerrit Schotte, of the Movementu Futuro Kòrsou (MFK). An early election took place on October 19th 2012, but none of the eight political parties that contested the ballot were able to win an absolute majority of the vote, or more than five of the 21 seats in the Staten (the legislature). Drawn-out negotiations between parties took place before a government could be formed on November 19th. Talks between the Pueblo Soberano (PS, five seats), Partido pa Adelanto i Inovashon Soshal (PAIS, four seats), Partido Antiá Restrukturá (PAR, originally four seats; now three) and Partido Nashonal di Pueblo (PNP, one seat) foundered over differences between the PAR and the PS. However, one of the four PAR legislators, Glenn Sulvaran, broke ranks and declared himself an independent willing to join a PS-PAIS coalition. This move sank the PAR's alternative negotiations with the former governing party, as Mr Sulvaran refused to be part of any coalition that included the MFK. With the support of Mr Sulvaran, a PS-PAIS-PNP coalition holds power with the narrowest of majorities, with only 11 seats in the 21-seat Staten. The coalition's broad base and slim majority will make for a fragile alliance, prone to policy revolts. The risk to political stability will therefore remain high; the new government's reform agenda could easily be held hostage to special interest groups and, as its four-year term advances, it may find that its ability to govern diminishes unless it is able to recruit another opposition party to join its ranks. This is a possibility as the three remaining PAR members of the legislature have greater policy affinity with the new government than with the MFK, which is now the main opposition party. The potential weakness of the government will complicate and delay the passage of pending reforms, which include unpopular changes to public pension entitlements, education, healthcare and tax reform. However, its election provides an opportunity for improved relations with the Kingdom Council of the Netherlands. Relations with the Council had soured under Mr Schotte as he sought to resist its pressure for greater fiscal restraint. The new government is likely to include some members of the previous administration, assuming that they receive approval after a screening process. There is a strong risk that relations will grow testy once more if the pace of fiscal consolidation remains sluggish or if the PS's nationalist, pro-independence stance gains the upper hand in the coalition. Political uncertainty will also complicate negotiations over the future of the CBCS. In June 2011 the Curaçao parliament unilaterally voted in favour of its dissolution, with the aim of establishing a separate, independent central bank. This has put in doubt the future of the currency union with Sint Maarten and cast a shadow over both countries' reputations as stable destinations for investment. However, no progress has been made towards creating a new central bank and dissolving the currency union. Given the large number of more pressing priorities facing the new government, the creation of an independent central bank is likely to be postponed into the medium term.

  INTERNATIONAL RELATIONS: Curaçao will maintain close relations with the Netherlands, which remains responsible for its defence. An agreement reached in late 2011 that provides greater sovereignty in matters of foreign policy for the three Kingdom partners of the Netherlands (Curaçao, Aruba and Sint Maarten) is being implemented. Foreign policy will remain directed towards playing a larger role in regional affairs, including developing close social and cultural ties with the Dutch Caribbean islands of Aruba and Sint Maarten. The administration will also maintain good relations with Venezuela, whose national oil company, Petróleos de Venezuela, has leased the island's Isla refinery until 2019.

  POLICY TRENDS: Persistently weak economic growth and expected fiscal deficits throughout 2013-14 will limit the adoption of expansionary fiscal policies. However, extensive debt forgiveness by the Dutch government (which accompanied Curaçao's independence in 2010) will preclude a new build-up of overseas debt, providing some scope to implement a modest fiscal expansion. This assumes that the Netherlands does not succumb to domestic political pressure to reduce expenditure on its overseas territories, especially on those with a reputation for overspending. The previous government's energy policy is likely to remain largely intact, with the opening up of the state utilities monopoly to competition and private-sector investment. A policy of encouraging alternative sustainable electricity generation to reduce dependence on imported fuel oil will remain a priority. Other policies that are set to continue are tax concessions on imports of energy-saving appliances and the granting of loans at concessional rates to householders who install energy-saving technologies. Under pressure from the Kingdom Council of the Netherlands, the government will attempt some fiscal consolidation. Reforms of the public pension, education, healthcare and tax systems will need to be implemented to ensure long-term fiscal stability. However, these measures are unpopular, and carrying them out will repeatedly test the governing coalition's resolve. The fall of the previous administration and the election of a new coalition government will enhance prospects for tax reforms to increase revenue, but progress is likely to be slow and subject to setbacks, given the government's slender majority. Curaçao and Sint Maarten had planned to abandon the Netherlands Antilles guilder and launch a new joint currency in 2012, but the plans failed to progress. Talks in August between the two countries concluded in an agreement for an independent operational audit of the CBCS in order to restore confidence in its operations. The two governments are also now committed to implementing a 2006 agreement that brought into being the joint bank and currency union, and to pass regulations that have been pending since 2010. Until firm decisions are taken on the future of the currency and monetary union, considerable uncertainty surrounding monetary policy will remain, but recent developments mean that there is an improved chance that the currency union will survive. However, a further major delay would raise investor concerns and affect foreign direct investment.

  ECONOMIC GROWTH: Following two years of very modest growth, Curaçao's economic performance remained weak in 2012 as high unemployment and limited real wage growth held down private consumption demand. Tourism failed to gain traction in 2012, owing to weak growth in developed economies. Tourism investment will fail to gain momentum until demand picks up, which will not occur until growth in the US and the euro zone accelerates in 2014. The recovery in Curaçao will also be hampered by tougher financial regulation and a lack of significant public investment projects. Policy uncertainty will remain a handicap until the new governing coalition's policy platform is defined, which will act as a drag on recovery prospects during the first half of 2013. Growth potential will be heavily influenced by the pace of implementation of reforms to improve competitiveness, wage and price flexibility, and the business environment, none of which has been given a high priority in 2012. The future of Curaçao's oil refinery will also constitute a risk to growth in the longer term, in keeping with the problems facing small, ageing refineries globally.

  EXTERNAL ACCOUNT: The effect of a weak recovery will be felt in a narrowing of the current transfers balance, as debt-relief inflows from the Netherlands are halted. This will weaken the external accounts. A widening of the trade deficit and a narrowing of the services surplus will also contribute to this and will cause the current-account deficit to widen. Investors will remain cautious until the island enacts reforms to improve its regional competitiveness. Nevertheless, Curaçao should continue to have access to preferential finance from the Netherlands and multilateral institutions, which should keep a full-blown balance-of-payments crisis at bay.

  December 11, 2012

• Forecast

  Eastern Europe: Country forecast summary

  	2006	2007	2008	2009	2010	2011	2012
  Population (m)
  Balkans(a)	41.2	41.1	41.0	40.9	40.8	40.7	40.4
  Baltics(b)	7.0	7.0	7.0	6.9	6.9	6.8	6.8
  East-central Europe(c)	65.8	65.8	65.7	65.7	65.6	65.6	65.5
  CIS(d)	213.0	212.7	212.2	211.9	211.5	211.1	210.6
  East Europe (excl CIS)(e)	114.0	113.9	113.7	113.5	113.4	113.1	112.7
  East Europe (incl CIS)(f)	327.0	326.6	325.9	325.4	324.8	324.2	323.3
  GDP growth rates (%)
  Balkans(a)	6.8	6.2	6.2	5.2	5.0	4.8	4.5
  Baltics(b)	9.8	8.9	3.2	3.8	5.2	5.3	5.5
  East-central Europe(c)	6.0	6.0	4.9	4.4	4.3	4.3	4.1
  CIS(d)	8.1	8.5	7.2	6.6	6.3	5.7	5.5
  East Europe (excl CIS)(e)	6.5	6.3	5.1	4.6	4.6	4.5	4.3
  East Europe (incl CIS)(f)	7.4	7.6	6.3	5.8	5.6	5.2	5.0
  GDP (US$ bn) at nominal exchange rates
  Balkans(a)	228.8	302.2	377.3	413.6	436.5	458.2	493.6
  Baltics(b)	66.3	86.8	111.3	118.6	122.3	126.5	135.0
  East-central Europe(c)	653.6	810.4	1,069.6	1,092.5	1,100.5	1,128.0	1,176.4
  CIS(d)	1,196.7	1,564.7	2,074.8	2,448.5	2,789.8	3,139.6	3,564.8
  East Europe (excl CIS)(e)	948.7	1,199.5	1,558.2	1,624.8	1,659.2	1,712.8	1,804.9
  East Europe (incl CIS)(f)	2,145.4	2,764.2	3,633.0	4,073.3	4,449.1	4,852.4	5,369.8
  GDP per head (US$) at nominal exchange rates
  Balkans(a)	5,556	7,355	9,201	10,108	10,688	11,266	12,202
  Baltics(b)	9,422	12,386	15,969	17,121	17,754	18,484	19,843
  East-central Europe(c)	9,930	12,322	16,274	16,634	16,767	17,198	17,968
  CIS(d)	5,619	7,356	9,776	11,555	13,191	14,874	16,927
  East Europe (excl CIS)(e)	8,320	10,533	13,705	14,311	14,637	15,143	16,012
  East Europe (incl CIS)(f)	6,561	8,464	11,146	12,517	13,696	14,968	16,608
  GDP (US$ bn) at purchasing power parities
  Balkans(a)	438.2	477.9	521.8	562.8	605.2	652.0	701.2
  Baltics(b)	114.3	127.8	135.6	144.0	154.8	167.4	181.1
  East-central Europe(c)	1,125.2	1,224.4	1,321.4	1,413.7	1,509.5	1,617.4	1,730.0
  CIS(d)	2,375.8	2,645.9	2,920.9	3,184.8	3,459.5	3,752.9	4,063.0
  East Europe (excl CIS)(e)	1,677.7	1,830.1	1,978.8	2,120.5	2,269.5	2,436.8	2,612.3
  East Europe (incl CIS)(f)	4,053.5	4,476.0	4,899.6	5,305.3	5,729.0	6,189.7	6,675.4
  GDP per head (US$) at purchasing power parities
  Balkans(a)	10,644	11,630	12,726	13,753	14,819	16,031	17,337
  Baltics(b)	16,234	18,232	19,457	20,785	22,474	24,449	26,618
  East-central Europe(c)	17,094	18,616	20,104	21,524	22,998	24,660	26,424
  CIS(d)	11,155	12,438	13,762	15,030	16,358	17,779	19,293
  East Europe (excl CIS)(e)	14,712	16,071	17,404	18,678	20,020	21,544	23,175
  East Europe (incl CIS)(f)	12,395	13,705	15,033	16,303	17,636	19,093	20,646
  Consumer price inflation (%)
  Balkans(a)	8.7	7.0	10.2	6.1	4.6	3.9	3.4
  Baltics(b)	4.8	7.3	11.2	6.5	4.1	3.3	3.0
  East-central Europe(c)	2.2	3.5	5.0	3.7	2.8	2.6	2.4
  CIS(d)	9.5	9.9	15.3	11.1	9.0	7.7	7.2
  East Europe (excl CIS)(e)	3.7	4.2	6.0	4.1	3.1	2.8	2.5
  East Europe (incl CIS)(f)	7.1	7.6	11.6	8.3	6.7	5.8	5.3
  Merchandise exports (US$ bn)
  Balkans(a)	64.5	79.6	105.9	121.6	137.5	153.9	175.5
  Baltics(b)	29.9	36.4	45.1	51.7	57.8	62.6	68.8
  East-central Europe(c)	349.9	440.0	556.6	629.7	693.3	766.6	839.8
  CIS(d)	394.7	474.9	620.7	667.7	721.4	768.7	817.7
  East Europe (excl CIS)(e)	444.4	556.0	707.6	803.1	888.6	983.2	1,084.1
  East Europe (incl CIS)(f)	839.0	1,030.9	1,328.2	1,470.8	1,610.0	1,751.9	1,901.9
  Merchandise imports (US$ bn)
  Balkans(a)	-103.1	-137.3	-182.0	-204.5	-223.0	-244.3	-274.4
  Baltics(b)	-42.2	-52.3	-59.3	-64.5	-70.1	-74.7	-80.5
  East-central Europe(c)	-359.3	-452.1	-574.2	-647.3	-717.1	-792.3	-866.7
  CIS(d)	-238.2	-323.1	-432.8	-507.3	-581.9	-638.3	-700.2
  East Europe (excl CIS)(e)	-504.7	-641.7	-815.5	-916.3	-1,010.2	-1,111.2	-1,221.6
  East Europe (incl CIS)(f)	-742.9	-964.8	-1,248.3	-1,423.7	-1,592.1	-1,749.5	-1,921.8
  Trade balance (US$ bn)
  Balkans(a)	-38.6	-57.7	-76.1	-82.9	-85.4	-90.4	-98.9
  Baltics(b)	-12.3	-15.9	-14.2	-12.8	-12.3	-12.0	-11.6
  East-central Europe(c)	-9.3	-12.1	-17.6	-17.6	-23.8	-25.7	-26.9
  CIS(d)	156.4	151.8	187.9	160.4	139.5	130.5	117.5
  East Europe (excl CIS)(e)	-60.3	-85.7	-107.9	-113.3	-121.6	-128.1	-137.4
  East Europe (incl CIS)(f)	96.2	66.1	80.0	47.1	17.9	2.4	-20.0
  Current-account balance (US$ bn)
  Balkans(a)	-25.0	-42.9	-55.7	-55.2	-55.2	-57.7	-60.9
  Baltics(b)	-10.3	-15.2	-13.1	-11.9	-11.5	-11.2	-10.9
  East-central Europe(c)	-26.2	-34.5	-43.9	-46.0	-51.3	-48.2	-46.0
  CIS(d)	94.8	74.3	100.1	69.3	51.1	39.7	25.9
  East Europe (excl CIS)(e)	-61.6	-92.6	-112.7	-113.1	-118.0	-117.0	-117.7
  East Europe (incl CIS)(f)	33.2	-18.4	-12.6	-43.8	-66.8	-77.4	-91.8
  Exports (% of GDP)
  Balkans(a)	28.2	26.3	28.1	29.4	31.5	33.6	35.6
  Baltics(b)	45.1	41.9	40.5	43.6	47.3	49.5	51.0
  East-central Europe(c)	53.5	54.3	52.0	57.6	63.0	68.0	71.4
  CIS(d)	33.0	30.4	29.9	27.3	25.9	24.5	22.9
  East Europe (excl CIS)(e)	46.8	46.4	45.4	49.4	53.6	57.4	60.1
  East Europe (incl CIS)(f)	39.1	37.3	36.6	36.1	36.2	36.1	35.4
  Current-account balance (% of GDP)
  Balkans(a)	-10.9	-14.2	-14.8	-13.3	-12.6	-12.6	-12.3
  Baltics(b)	0.0	0.0	0.0	0.0	0.0	0.0	0.0
  East-central Europe(c)	-4.0	-4.3	-4.1	-4.2	-4.7	-4.3	-3.9
  CIS(d)	7.9	4.7	4.8	2.8	1.8	1.3	0.7
  East Europe (excl CIS)(e)	-6.5	-7.7	-7.2	-7.0	-7.1	-6.8	-6.5
  East Europe (incl CIS)(f)	1.5	-0.7	-0.3	-1.1	-1.5	-1.6	-1.7
  External debt (US$ bn)
  Balkans(a)	133.1	173.7	219.4	252.0	281.9	310.9	338.8
  Baltics(b)	58.1	83.8	103.4	111.1	115.4	119.7	124.3
  East-central Europe(c)	340.3	406.7	495.5	534.2	553.2	568.8	597.8
  CIS(d)	377.1	509.0	566.2	603.2	637.0	673.4	710.4
  East Europe (excl CIS)(e)	531.5	664.2	818.3	897.3	950.6	999.4	1,060.8
  East Europe (incl CIS)(f)	908.6	1,173.3	1,384.5	1,500.5	1,587.6	1,672.8	1,771.3
  External debt (% of GDP)
  Balkans(a)	58.2	57.5	58.2	60.9	64.6	67.9	68.6
  Baltics(b)	87.6	96.6	92.9	93.6	94.4	94.6	92.0
  East-central Europe(c)	52.1	50.2	46.3	48.9	50.3	50.4	50.8
  CIS(d)	31.5	32.5	27.3	24.6	22.8	21.4	19.9
  East Europe (excl CIS)(e)	56.0	55.4	52.5	55.2	57.3	58.4	58.8
  East Europe (incl CIS)(f)	42.4	42.4	38.1	36.8	35.7	34.5	33.0
  External debt (% of exports)
  Balkans(a)	206.3	218.3	207.1	207.2	205.0	202.0	193.0
  Baltics(b)	194.1	230.2	229.5	214.7	199.6	191.1	180.6
  East-central Europe(c)	97.2	92.4	89.0	84.8	79.8	74.2	71.2
  CIS(d)	95.5	107.2	91.2	90.3	88.3	87.6	86.9
  East Europe (excl CIS)(e)	119.6	119.5	115.6	111.7	107.0	101.7	97.9
  East Europe (incl CIS)(f)	108.3	113.8	104.2	102.0	98.6	95.5	93.1
  (a) Comprises Bulgaria, Croatia, Romania and Serbia (b) Comprises Estonia, Latvia and Lithuania. (c) Comprises Czech Republic, Hungary, Poland, Slovakia and Slovenia. (d) Comprises Azerbaijan, Kazakhstan, Russia and Ukraine. (e) Comprises Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Serbia, Romania, Slovakia and Slovenia. (f) Comprises Azerbaijan, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine.

  Download text file (csv format)

  June 23, 2008

View detailed map

Country Briefing

Land area

800 sq km; there are two main groups of islands: Curaçao (444 sq km) and Bonaire (288 sq km) are 60-80 km off the coast of Venezuela, outside the hurricane belt; 880 km to the north-east, east of Puerto Rico, lie the smaller islands of Saba, St Eustatius and the southern part of St Maarten island

Population (2004 official estimates)

Total population: 191,780 (2007 official estimate)

Urban population: 69.7%

Birth rate per 1,000: 15.4

Death rate per 1,000: 6.4

Life expectancy at birth: 76 years

Net migration rate: -0.42 migrants (per 1,000 population)

Main town

Willemstad, capital of the Netherlands Antilles and of Curaçao; population 93,599 (2001 census)

Climate

Sub-tropical

Weather in Willemstad

Hottest month, September, 26-32°C; coldest months, January-March, 27°C (average daily minimum and maximum); driest month, June, 1 mm average rainfall; wettest months, July-August, 90-113 mm average rainfall

Language

Dutch, Papiamento (official); Spanish and English are also spoken

Measures

Metric system

Currency

The Netherlands Antilles guilder (Naf) = 100 cents. The exchange rate has been fixed at Naf1.79:US$1 since 1971. The US dollar is in free circulation on all islands

Time

4 hours behind GMT

Public holidays

January 1st (New Year's Day), Carnival Monday (February 17th), April 2nd (Good Friday), April 5th (Easter Monday), April 30th (Queen's Birthday), May 1st (Labour Day), May 13th (Ascension Day), May 24th (Whit Monday), July 1st (Curaçao), July 2nd (Flag Day), December 15th (St Maarten), December 25th-26th (Christmas)

September 21, 2010