Bonaire and Saba's economies grew in 2022, St Eustatius' economy shrank
| Jaar | Bonaire (2017=100) | St Eustatius (2017=100) | Saba (2017=100) |
|---|---|---|---|
| 2012 | 92.2 | 97.7 | 95.7 |
| 2013 | 94.4 | 98.5 | 100.9 |
| 2014 | 95.9 | 91.8 | 100.7 |
| 2015 | 99.1 | 94.8 | 101.9 |
| 2016 | 101.3 | 93.8 | 101.4 |
| 2017 | 100.0 | 100.0 | 100.0 |
| 2018 | 103.9 | 88.2 | 97.5 |
| 2019 | 110.4 | 80.6 | 92.3 |
| 2020 | 101.2 | 59.7 | 86.5 |
| 2021 | 113.0 | 72.3 | 89.1 |
| 2022 | 122.9 | 64.4 | 90.4 |
The decline in St. Eustatius' GDP compared to 2017, adjusted for price changes, was mainly due to the performance of a limited number of large businesses. This decline was also seen on Saba, but to a lesser extent.
Economic growth on Bonaire mainly driven by the accommodation and food services and recreation sectors
With the termination of all restrictions to limit the spread of coronavirus at the beginning of 2022, inbound tourism by air continued to increase from 111 thousand tourists in 2021 to 173 thousand tourists in 2022. That was an increase of 55 percent and the number exceeded that of 2019, when 158 thousand tourists came to the island. This led to an increase in the value added of both the accommodation and food services and recreation sectors by over 45 percent.
The higher number of tourists combined with a 5.3 percent increase in the island's population also boosted the value added of the trade sector. Supermarkets in particular performed well in 2022.
The value added in real estate activities increased by 17.5 percent, as many building lots were sold on Bonaire in 2022.
The value added in public administration increased by 17.1 percent due to an increase in the number of jobs in this sector from 1,270 in 2021 to 1,490 jobs in 2022.
There were also sectors on Bonaire that performed less well in 2022. The value added in construction declined by 6.9 percent and the number of jobs in this sector decreased by 4 percent. Despite this decline, its value added has increased by over 50 percent since 2017.
The 6.5 percent drop in value added of the transport, information and communication sectors was caused by the bankruptcy of a large business. The other businesses in the transport sector grew, mainly due to the removal of all travel restrictions at the beginning of 2022.
The contraction was largest in Financial services (down by 9.6 percent), in line with the fewer number of jobs in this sector in 2022.
| Bedrijfstak | Value added volume (year-on-year percentage change) |
|---|---|
| Culture, recreation, other services | 45.8 |
| Accommodation and food services | 45.5 |
| Real estate activities | 17.5 |
| Public administration and public services | 17.1 |
| Trade | 5.8 |
| Health and welfare | 3.3 |
| Energy, water, waste management | 3.2 |
| Manufacturing | 2.6 |
| Business services | 2.6 |
| Education | 2.2 |
| Agriculture and mining and quarrying | 1.8 |
| Transport, information en communication | -6.5 |
| Construction | -6.9 |
| Financial services | -9.6 |
Economic recovery continues on Saba after the coronavirus crisis
Saba's inbound tourism increased from 4.0 thousand tourists in 2021 to 4.9 thousand in 2022. That was an increase of 22.5 percent. However, the number is still considerably lower than in 2019, when 8.8 thousand tourists visited the island. As tourism recovered, the value added of the accommodation and food services and recreation sector increased.
Public administration made the largest contribution to economic growth. The sector's value added increased as 7 percent more jobs were added in 2022.
Although more tourists visited the island, the value added of the trade sector declined and also of education, because there were fewer students.
| Jaar | St Eustatius (year-on-year % change) | Saba (year-on-year % change) |
|---|---|---|
| 2013 | 0.8 | 5.5 |
| 2014 | -6.8 | -0.2 |
| 2015 | 3.2 | 1.2 |
| 2016 | -1.0 | -0.5 |
| 2017 | 6.6 | -1.4 |
| 2018 | -11.8 | -2.5 |
| 2019 | -8.6 | -5.3 |
| 2020 | -25.9 | -6.3 |
| 2021 | 21.1 | 3.0 |
| 2022 | -11.0 | 1.5 |
Sharp decline on St Eustatius
On St Eustatius, the contraction in GDP of 11 percent was mainly related to a few large businesses on the island. Their output is mainly export-oriented and dependent on oil demand in the region. Demand for these businesses’ products and services fell in 2022.
Although these businesses have a substantial impact on St Eustatius’ GDP, their impact on national income is limited. The profits of these businesses are not included in the national income because they are wholly foreign-owned enterprises; they contribute to the island’s labour income in particular.
Relative to 2017, the volume of GDP on St Eustatius fell by 35 percent in 2022, from 142 million to 92 million US dollars (in 2017 prices). This was due to a number of factors. In 2018, hurricane Irma caused major damage on the island. In 2019, a number of large businesses were greatly hampered by regional developments in the oil sector, which reduced demand for oil storage. On top of that, the COVID-19 pandemic struck in 2020, reducing the demand for oil storage even further and decreasing the number of tourists. In 2021, the economy had not yet returned to pre-pandemic levels, as sectors that had been hit hard, such as accommodation and food services and transport, saw only slight growth in 2021. And in 2022, the economy shrank due to a further decline in foreign demand for the products and services of some of the island's large businesses. Although the number of tourists increased by more than 50 percent to 5.6 thousand, the additional demand created by this in the trade and accommodation and food services sectors in particular was insufficient to compensate for the contraction of large businesses.
Papiamentu
A Papiamentu translation of this news release can be obtained from Statistics Netherlands’ office on Bonaire by sending a request by email to: caribischnederland@cbs.nl