Heyliger says bank figures
‘confirm’ economic growth
PHILIPSBURG--A report from Maduro and Curiel Banking Group (MCB) stating a 47 per cent growth on St. Maarten in 2006 is “further confirmation” of the island’s continued economic growth, Economic Affairs and Tourism Commissioner Theo Heyliger said Thursday.
MCB Group announced this week it had made a profit of over NAf.93 million, an increase of 10.1 per cent in 2006 over 2005 for the Netherlands Antilles and Aruba. The net results of growth per island is Curaçao seven per cent, Aruba two per cent, Bonaire three per cent and St. Maarten, described as “a record breaking whopping,” 47 per cent.
“I am very pleased with this confirmation coming from a financial institution that provides loans to residents and the business community. It is further proof that the island, besides having a construction/building sector boom, is also experiencing an economic boom,” Heyliger said in a Government Information Service (GIS) statement.
There are other figures from other sources that can confirm this such as the Turn Over Tax (TOT) of the Central Government which is the best source of measuring the performance of the economy, he added. “When there is more economic activity, the Central Government receives more TOT and if the economy contracts, the government will receive less revenues.”
The Federal Receiver’s Office collects TOT. Figures are compiled and provided to the Island Department of Economic Affairs. They show for the first half of 2006 a growth of 5.7 per cent compared to the same period in 2006. This figure compared to 2004 indicates an increase in economic activity of 32.7 per cent.
Additionally, a total of 531 business licenses were requested in the first six months of 2006 while for the same period of 2005, 435 licenses were requested, an increase of 96 licenses. “This indicates that the level of confidence among the business community has risen,” the commissioner said.
St Maarten vacation rental
