I’d like to use this opportunity to discuss the main economic developments in the monetary union during 2013 and the economic prospects for 2014. My focus today will be on the economy of Sint Maarten. As mentioned, I will also elaborate on the reasons why, from a monetary perspective, the Bank was actively involved in the process of financing the Causeway project.
Ladies and gentlemen, preliminary figures reveal that economic developments in the monetary union were mixed during 2013. On the one hand, Sint Maarten recorded an economic expansion of 1.1%, which was a slowdown compared to the growth of 1.5% registered in 2012. On the other hand, the economy of Curaçao shrank by 0.5% in 2013, following a contraction of 0.1% in 2012.