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Annual Report 2003 Bank van de Nederlandse Antillen. Willemstad, July 5, 2004. Developments in the real sector. Macro-economic key figures main trading partners. Further strengthening US economy. Further deterioration Dutch and Venezuelan economies. A regional perspective (2002).

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macro economic key figures main trading partners
Macro-economic key figures main trading partners
  • Further strengthening US economy.
  • Further deterioration Dutch and Venezuelan economies.

Annual Report 2003

economic development netherlands antilles
Economic developmentNetherlands Antilles
  • Real growth GDP increased from 0.4% in 2002 to 1.4 % in 2003.
  • Inflation increased from 0.4% in 2002 to 1.9% in 2003.

Annual Report 2003

main developments in 2003
Main developments in 2003
  • Continuation economic recovery:
    • Growth export
    • Higher consumption (private and government)
  • Export growth due to:
    • Further growth in tourism.
    • Favorable performance transportation sector. Decline in private investment.
  • Decline in activities international financial and business services sector.
  • Increase in unemployment rate.

Annual Report 2003

main developments in 2003 cont
Main developments in 2003 (cont.)
  • Increase in inflation:
    • Increase utility prices due to higher oil prices
    • Appreciation euro
    • Higher inflation main trading partners USA and Venezuela

Annual Report 2003

labor market of the netherlands antilles
Labor market of the Netherlands Antilles
  • Increase in unemployment rate because labor force grew stronger than employment.
  • Increase in labor force due to higher migration to the islands and legalization illegal aliens.

Annual Report 2003

public sector developments
Public sector developments

Annual Report 2003

slide10

Budgetary developmentGeneral Government(Cash basis; NAf mln)

  • Higher expenditures due to goods & services, interest payments and capital transfers.
  • Higher revenues due to transfer dividend tax by Dutch government and dividends government-owned companies.

Annual Report 2003

slide11

Overview cash operations General Government(Cash basis; NAf mln.)

  • Cash deficit first quarter 2004 amounts to NAf 51 million.

Annual Report 2003

composition of revenues general government
Composition of revenuesGeneral Government

Share taxes on goods & services almost doubled due to introduction sales tax.

Annual Report 2003

composition of expenditures general government
Composition of expendituresGeneral Government

Decline share personnel costs due to lay-offs

Increase share interest payments due to rising debt

Annual Report 2003

budgetary development central government cash basis naf mln
Budgetary developmentCentral government(Cash basis; NAf mln.)
  • Higher expenditures due to goods & services, transfers to other levels of government and capital transfers.
  • Higher revenues due to transfer dividend tax by Dutch government.

Annual Report 2003

budgetary development curacao naf mln
Budgetary developmentCuracao(NAf mln.)
  • Higher revenues due mainly to share in transfer dividend tax by Dutch government and dividend government-owned companies.
  • Higher expenditures due mainly to goods & services and personnel costs (pension premiums).

Annual Report 2003

development in total public debt naf mln
Development in total public debt(NAf mln.)
  • Total debt 4.4 billion
  • 90% of GDP

Annual Report 2003

development in total public debt cont naf mln
Development in total public debt (cont.)(NAf mln.)
  • Share domestic component of 82% in 2003.

Annual Report 2003

development in interest payments naf mln
Development in interest payments(NAf mln.)
  • Interest payments amounted to NAf 252 million in 2003 (24% of tax revenues and 17% of expenditures).

Annual Report 2003

net borrowing of the governments
Net borrowing of the governments

Note: 2003 central government excluding debt conversion SVB (NAf. 342 million)

  • Net borrowing up to June 30, 2004: NAf 197 million
  • Central government NAf 113 million
  • Curacao NAf 84 million

Annual Report 2003

government bonds maturity schedule as per june 30 2004
Government bonds maturity scheduleAs per June 30, 2004
  • Average annual maturity 2004-2011: NAf 221 million
  • Central government NAf 142 million
  • Curacao NAf 79 million

Annual Report 2003

the external sector
The external sector

Annual Report 2003

slide22

Balance of payments

Transaction basis (NAf mln.)

  • Balance of payments surplus of NAf 35 million in 2004-I.

Annual Report 2003

current account balance naf mln
Current account balance(NAf mln.)
  • Small surplus in 2003 due mainly to higher earnings from bunker sales and tourism.

Annual Report 2003

tourism revenues by island cash basis naf mln
Tourism revenues by islandCash basis (NAf mln.)
  • Shares in 2003:
  • St. Maarten 62%
  • Curacao 34%
  • Bonaire 4%

Annual Report 2003

foreign exchange contribution international financial and business services sector naf mln
Foreign exchange contribution international financial and business services sector(NAf mln.)
  • Higher profit tax in 2003 due to transfer of dividend tax by the Netherlands (NAf. 54 million).

Annual Report 2003

development in international reserves 1
Development in international reserves (1)
  • Import coverage on June 25, 2004: 2.7 months.

Annual Report 2003

monetary
Monetary

developments

Annual Report 2003

development in the money supply naf mln
Development in the money supply(NAf mln.)
  • Money supply increased by 8% in 2003 (NDA 8% and NFA 9%)

Annual Report 2003

changes in domestic demand for money by sector naf mln
Changes in domestic demand for money by sector(NAf mln.)
  • Monetary expansion by the government and the private sector slowed in 2003.

Annual Report 2003

development in domestic interest rates
Development in domestic interest rates
  • Commercial bank rates continued to decline.
  • Government bond yield started to increase again.

Annual Report 2003

the financial sector
The financial sector

Annual Report 2003

macro prudential indicators
Macro-prudential indicators

Annual Report 2003

balance sheet development domestic banks naf mln
Balance sheet development domestic banks(NAf mln.)
  • Assets increased by 4.8% in 2003:
  • Increase in lending.
  • Increase in cash holdings.
  • Increase in assets funded primarily by savings and time deposits.
  • Capitalization remained adequate.

Annual Report 2003

p l development domestic banks naf mln
P & L development domestic banks(NAf mln.)
  • Higher operational income in 2003 due to “other income.”
  • Slight decline in expenditures.
  • Net operating income before taxes improved to NAf 95.3 million.

Annual Report 2003

balance sheet development international banks naf bln
Balance sheet development international banks(NAf bln.)
  • Assets decreased by 5.4% in 2003 due to decline in loans.
  • Borrowings comprised 55% of total funding.
  • Capitalization above international standard of 8%.

Annual Report 2003

institutional investors
Institutional investors

Annual Report 2003

balance sheet domestic life insurance sector naf mln
Balance sheet domestic life insurance sector(NAf mln.)
  • Total assets increased by 8.3% in 2002.
  • 74% of total assets comprises investments.
  • Equity position three and a half times more than required.

Annual Report 2003

balance sheet domestic nonlife insurance sector naf mln
Balance sheet domestic nonlife insurance sector(NAf mln.)
  • Total assets increased by 75.6% in 2002 reaching pre-1999 levels.
  • 47% of total assets was invested.
  • Capitalization increased and remained well above the required solvency margin.

Annual Report 2003

net income domestic insurance companies before taxes naf mln
Net income domestic insurance companiesBefore taxes (NAf mln.)
  • Net result life insurance industry declined to NAf 14.0 million (14.1%) in 2002 due mainly to higher net benefits paid.
  • Net result nonlife insurance industry back to normal levels; 2001 was exceptional due to:
  • low net claims incurred
  • high underwriting profit
  • high net investment income

Annual Report 2003

the end
The End

Annual Report 2003

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