Saba News News and Information from Saba Island, Dutch Caribbean
In 2019, Bonaire’s gross domestic product (GDP) increased by 6.3 percent in volume. This is the highest growth rate in the history of the series, which started in 2012. On St Eustatius and Saba, GDP fell by 8.6 and 5.3 percent, respectively. Statistics Netherlands (CBS) reports this based on newly released figures.
The GDP volume change is the development of GDP value, adjusted for price changes. The adjustment for price changes is based on the consumer price index.
On Saba, the contraction was mainly caused by the construction and education sectors. Education showed a decrease in value-added due to a declining number of students in 2019. The year-on-year decline in the construction sector can be explained by the fact that a lot of work was needed in 2018 to repair the damage from hurricanes Irma and Maria.
The 8.6 percent contraction on St Eustatius was mainly related to a few large companies on the island. Their production is mainly export-oriented and dependent on regional developments in the oil sector. Although these companies have a substantial impact on GDP, their impact on national income is limited. The profits of these companies are not included in the national income because they are wholly foreign-owned enterprises; they contribute to the island’s labor income in particular.
CBS