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Annual Report 2009

Annual Report 2009. Outline presentation. Developments in: Real sector. Public sector. External sector. Monetary and financial sector. Outlook for 2010. Real sector. Main developments in 2009. Slight economic contraction of 0.2%.

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Annual Report 2009

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  1. Annual Report 2009

  2. Outline presentation • Developments in: • Real sector. • Public sector. • External sector. • Monetary and financial sector. • Outlook for 2010

  3. Real sector

  4. Main developments in 2009 • Slight economic contraction of 0.2%. • Inflation decelerated perceptibly to 1.6%, caused largely by lower world oil and other commodity prices. • Higher unemployment rate (10.0%).

  5. Macro-economic key figures: a comparison Real GDP Consumer prices Unemployment rate 2008 2009 2008 2009 2008 2009 Netherlands Antilles 2.1% -0.2% 6.3% 1.6% 9.7% 10.0% United States 0.4% -2.4% 3.8% -0.4% 7.2% 10.0% Venezuela 4.8% -3.3% 31.4% 26.0% 6.1% 6.6% The Netherlands 2.0% -4.0% 2.5% 1.2% 3.9% 4.9% Aruba 0.7% -7.6% 9.0% -2.1% 6.9% 10.3%

  6. Economic development

  7. Labor market Curacao St. Maarten Bonaire 2008 2009 2007 2009 2006 2008 Employment 56,535 56,582 20,720 21,378 5,647 6,408 Unemployment rate 10.3% 9.7% 10.6% 12.2% 7.8% 6.3% Youth unemployment 26.3% 24.7% 26.0% 29.4% 20.5% 11.5% Participation rate 45.5% 45.2% 59.4% 59.5% 47.9% 52.7% Unemployment 6,486 6,045 2,446 2,966 481 433 Labor force 63,021 62,627 23,166 24,344 6,128 6,841 Population 138,642 138,546 39,011 40,898 11,793 12,631

  8. Development int’l crude oil price vs Curaçao gasoline price

  9. Public sector

  10. Main developments • Initiation of the debt relief program resulting in lower interest burden and lower debt ratio. • Turnaround from a budget deficit to a large budget surplus. • Substantial improvement of the primary surplus.

  11. Budget development general government(Cash basis) 762 672 -172

  12. Budget development general government(Cash basis) 762 672 -172

  13. Budget development general government(Cash basis) 762 672 -172

  14. Revenues and expenditures central government(Cash basis)

  15. Revenues and expenditures Curaçao government(Cash basis)

  16. Total public debt

  17. Total public debt-to-GDP ratio 82.0%

  18. Interest burden (Cash basis)

  19. Net borrowing of generalgovernment June

  20. Government bonds maturity schedule

  21. External sector

  22. Main developments • Current account improved considerably in 2009 due to: • Increased net current transfers from abroad. • Decline in the deficit on the trade balance. • Decline in capital account surplus. • Increase in external financing, albeit at slower pace than in 2008 • Developments resulted in balance of payments surplus.

  23. Balance of payments (transaction basis, NAfmln) 2005 2006 2007 2008 2009 Current account -189.4 -465.2 -1,063.0 -1,560.9 -669.2 Capital account 171.1 179.6 219.0 244.8 200.6 External financing 110.1 315.0 976.3 1,579.8 866.1 Direct investments -42.1 -140.5 425.1 449.0 196.4 Loans and credits 194.8 353.9 700.5 1,257.4 858.4 Portfolio investments -42.7 101.6 -149.3 -126.6 -188.7 Change in reserves -132.7 -84.1 -277.5 -371.6 -539.0

  24. Contribution to foreign exchange income* in 2009 *Income from the export of goods and services

  25. Tourism sector

  26. Offshore financial sector

  27. Monthly import coverage

  28. Monetary and financial sector

  29. Main monetary developments • Increase in money supply, but at slower pace. • Growth in credit extension decelerated. • Interest rates on government paper dropped. • Declining trend in private sector interest rates.

  30. Money supply

  31. Net domestic credit

  32. Credit extension Leeward Islands(annual changes)

  33. Credit extension Windward Islands(annual changes)

  34. Domestic interest rates (commercial bank lending rates)

  35. Domestic interest rates (borrowing rates)

  36. Domestic interest rates(government securities)

  37. Main financial developments • Banks: • Improving capitalization. • Increase in non-performing loans. • Decrease in earnings and profitability. • Institutional investors: • Growth in assets, except pension funds. • Decline in profitability.

  38. Balance sheet domestic banks

  39. Profit & loss domestic banks 817 552

  40. Capital adequacy 7.0%

  41. Assets quality

  42. Earnings & profitability

  43. Liquidity

  44. Profit development BNA

  45. Balance sheet domestic life insurance sector

  46. Balance sheet domestic non-life insurance sector

  47. Net income domestic insurance companies (before taxes)

  48. Balance sheet of the pension funds

  49. Profit and loss of the pension funds

  50. Outlook 2010

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