Economy of Curaçao: Difference between revisions
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Early in its history, |
Early in its history, Curacao's economy was centered around [[salt mining]] from saline-rich ponds located in the eastern part of the island. Up until that time, dating back to the 16th century, settlers (first Spanish and later Dutch) made numerous, failed attempts at creating an agricultural industry. Curacao's arid climate, which features few freshwater sources, made it difficult and unprofitable. |
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Although the island's geography was at first considered an obstacle economically, it later proved to be invaluable due to its ideal location for trade and commerce. Shipping and trading operations centered around the port of Willemstad played an important role in the development of the economy. |
Although the island's geography was at first considered an obstacle economically, it later proved to be invaluable due to its ideal location for trade and commerce. Shipping and trading operations centered around the port of Willemstad played an important role in the development of the economy. |
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Revision as of 01:33, 9 May 2013
| Currency | Netherlands Antillean guilder (ANG) |
|---|---|
| Calendar Year | |
Trade organisations | Trade Union Centre of Curaçao |
| Statistics | |
| GDP | $5.08 billion (2008 est, nominal)[1] |
GDP growth | 3.5% (2008 est.) |
GDP per capita | $20,500 (2009 est.) |
GDP by sector | agriculture: 1%; industry: 15%; services: 84% (2009 est.) |
| 1.7% (2009 est.)[1] | |
Labour force | 63,000 (2008 est.) |
Labour force by occupation | agriculture: 1.2%; industry: 16.9%; services: 81.8% (2006) |
| Unemployment | 10.3% (2008 est.) |
Main industries | Tourism, Petroleum Refining, Petroleum Transshipment Facilities, Light Manufacturing, Financial Services |
| External | |
| Exports | $876 million (2008 est.) |
Export goods | Petroleum products |
Main export partners | United States 13.1% Guatemala 10.8% Singapore 10.7% Dominican Republic 9.6% Haiti 7.6% The Bahamas 6.1% Honduras 4.5% Mexico 4.2% (2009 est.) |
| Imports | $1.34 billion (2008 est.) |
Import goods | Food and Crude Petroleum |
Main import partners | Venezuela 57.3% United States 19.2% Brazil 8.1% (2009 est.)[1] |
| Public finances | |
| $1.0 billion[2] | |
All values, unless otherwise stated, are in US dollars. | |
Early in its history, Curacao's economy was centered around salt mining from saline-rich ponds located in the eastern part of the island. Up until that time, dating back to the 16th century, settlers (first Spanish and later Dutch) made numerous, failed attempts at creating an agricultural industry. Curacao's arid climate, which features few freshwater sources, made it difficult and unprofitable.
Although the island's geography was at first considered an obstacle economically, it later proved to be invaluable due to its ideal location for trade and commerce. Shipping and trading operations centered around the port of Willemstad played an important role in the development of the economy.
In the early 20th century, discovery of oil off the Venezuelan coast caused major oil companies to invest in the region. Beginning in 1920, oil refining has become a key part of the island's economy, representing nearly 90% of its exports. [3]
During WWII, Curacao was a safe-haven for Dutch multi-national companies, beginning the island's history as a financial services center.
Tourism is also becoming an increasingly important sector of the economy. The construction of the Mega Pier has recently allowed larger cruise ships to dock at Curacao, increasing its position as a tourism destination.
Financial Services
Curacao has long history in the financial services industry dating back to WWII. Many of the world’s top financial institutions have operations on the island. The Dutch Caribbean Securities Exchange is located in the capital of Willemstad, as is the Central Bank of Curacao and Sint Maarten, the oldest Central Bank in the western hemisphere, established in 1828. There are laws for a wide variety of corporate structures making it attractive to businesses. Curacao has a non-offshore tax system. It adheres to the EU Code of Conduct against harmful tax practices and has qualified intermediary status from the United States I.R.S. The island is an accepted jurisdiction of the OECD and CFATF. The country strongly enforces Anti-Money Laundering and Counter Terrorism Funding compliance.
Oil Refining
Oil refining began in the early 20th century when oil was discovered in the Maracaibo Basin of Venezuela. This discovery forced the Venezuelan government to search for ideal locations for large scale refining. Curaçao's proximity to the country, naturally deep harbors, and stable government led Venezuela and Royal Dutch Shell to construct the Isla Refinery, the largest refinery in the world at the time. The refinery is located in Willemstad harbour and began operating in 1918.[4]
Presently Venezuela's state oil company, Petróleos de Venezuela (PDVSA) operates the Isla refinery, which has a 320,000 barrel per day capacity .[5][2]
Spaceport
Starting in 2014 the Lynx rocketplane will launch from the Curaçao spaceport. The rocketplane will be used for space tourism and scientific research.[6] The spaceport differs from traditional ones in that it will serve primarily the personal spaceflight market and will be more commercialized. The spaceport is not expected to be fully operational until 2013 at the earliest.[7]
See also
References
- ^ a b c "CIA Factbook Curacao Data". Retrieved 2011-01-04.
- ^ a b "Curacao's Deal BBC Caribbean". 2010-10-08.
- ^ "Unlike many islands in the Caribbean, Curaçao's economy is heavily based on oil refining". Retrieved 2010-11-21.
- ^ "ISLA Refinery of Curacao: Highs and Lows Part 1". 2010-02-16.
- ^ "Curacao oil refinery down on power outage". Reuters. 2008-04-09.
- ^ "Space Experience Curacao". Retrieved 2010-11-21.
- ^ "Caribbean Spaceport Services". Retrieved 2011-12-07.