Economies of Bonaire and St Eustatius grew in 2024, contraction on Saba
Gross domestic product (GDP) of Bonaire grew by 4.0 percent in 2024. This growth was broad-based. The economy of St Eustatius also grew, by 1.6 percent, mainly driven by growth in business services, public administration and the construction sector. On Saba, GDP contracted by 4.4 percent, mainly due to a decline in education and public administration. Statistics Netherlands (CBS) reports this on the basis of newly released figures.
| Jaar | Bonaire (2017=100) | St Eustatius (2017=100) | Saba (2017=100) |
|---|---|---|---|
| 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 |
| 2023 | 130.7 | 64.1 | 89.0 |
| 2024 | 135.9 | 65.1 | 85.1 |
Economic growth on Bonaire was broad-based
On Bonaire, the value added of numerous sectors grew in 2024. The economic value added by Bonaire’s energy, water and waste management sector rose by 11.0 percent in 2024, driven by higher production of electricity and water. Population growth of 5.0 percent and higher production in most sectors drove demand for these utilities.
Growth in the accommodation and food services sector and the recreation sector coincided with a higher number of tourists and a rise in the average disposable income of households. The number of tourists staying on the island rose by 7.4 percent compared with 2023, while disposable income increased by 15.0 percent.
The value added of the accommodation and food services sector increased by 8.0 percent. In the trade and health care sectors, value added rose by 6.0 percent. Conversely, the agriculture, mining and quarrying, construction and manufacturing sectors saw a decline in value added, which is in line with changes in the number of jobs in these sectors. In the construction sector, production remained unchanged, but consumption increased, resulting in lower value added.
| Bedrijfstak | Value added (year-on-year % change) |
|---|---|
| Energy, water and waste management | 11.0 |
| Accommodation and food services | 8.0 |
| Health and social care | 6.0 |
| Trade | 6.0 |
| Education | 5.1 |
| Business services | 5.1 |
| Transport, information & communication | 4.9 |
| Real estate activities | 4.4 |
| Culture, recreation, other services | |
| Public administration, government services | 1.9 |
| Financial services | 1.4 |
| Manufacturing | -3.7 |
| Construction | -4.5 |
| Agriculture and mining & quarrying | -13.2 |
Growth on St Eustatius mainly driven by business services, public administration and construction
Economic growth on St Eustatius in 2024 was mainly driven by the rise in value added of the business services sector. Public administration also contributed to economic growth, with labour volume rising by 7.2 percent in that sector. In addition, the construction sector expanded. By contrast, value added of the transport and information and communication sectors declined.
Contraction on Saba mainly due to education and government sectors
The education sector made the largest contribution to the economic contraction on Saba in 2024. A decline in student numbers led to a decrease in value added of this sector. Public administration also contributed to the contraction in GDP, as the number of jobs in this sector fell by 1.6 percent. However, the value added by the trade, health care and accommodation and food services sectors increased.
Bonaire’s GDP 40 percent higher than in 2014
The economy of Bonaire has grown significantly compared with 2014, while the economies of St Eustatius and Saba have contracted. Bonaire’s GDP (adjusted for price changes) was more than 40 percent higher than in 2014. This growth is seen across most sectors.
St Eustatius’s GDP was nearly 30 percent lower than in 2014. This was mainly due to a decline in value added at a limited number of large enterprises. Saba’s economy also contracted compared with 2014, primarily due to a decline in the education sector.
| Jaar | Bonaire (year-on-year % change) | St Eustatius (year-on-year % change) | Saba (year-on-year % change) |
|---|---|---|---|
| 2020 | -8.4 | -25.9 | -6.3 |
| 2021 | 11.7 | 21.1 | 3.0 |
| 2022 | 8.8 | -11.0 | 1.5 |
| 2023 | 6.3 | -0.5 | -1.6 |
| 2024 | 4.0 | 1.6 | -4.4 |
Papiamentu
A Papiamentu translation of this news release can be found here.
Sources
- StatLine - Caribbean Netherlands; Gross domestic product (GDP)
- StatLine - Bonaire; gross value added, by sector
- StatLine - Caribbean Netherlands; gross domestic product (GDP) per capita
- StatLine - Caribbean Netherlands; income of private households
- StatLine - Caribbean Netherlands; jobs and wages, economic activity