Despite slight variations, CBCS and STAT agree: St. Maarten’s economy expanded

The Centrale Bank van Curaçao en Sint Maarten (CBCS) has outlined its ongoing efforts to manage fraud risk and strengthen cybersecurity in its 2024 Annual Report.

The Centrale Bank van Curaçao en Sint Maarten (CBCS) has published its 2024 Annual Report, revealing a record net profit of Cg 46.6 million and highlighting a year of major progress in financial supervision, regulatory reform, and monetary stability across the monetary union.

St. Maarten’s economy is estimated to have grown by 3.4 percent in 2023, based on inflation-adjusted figures (constant prices), according to the Department of Statistics (STAT). In current prices, which reflect actual income and spending value, GDP increased by 6.3 percent.

The Ministry of Tourism, Economic Affairs, Transport and Telecommunications (TEATT) has issued a formal warning to the international maritime community concerning a wave of fraudulent seafarer certifications and vessel registration documents falsely claiming to be issued by Country St. Maarten.

St. Maarten has once again been linked to an expanding network of fraudulent maritime registries uncovered in a major new investigation by Lloyd’s List, which exposes a sophisticated global operation behind more than 50 fake ship registration and seafarer certification websites.

GREAT BAY--“The communication by CBCS regarding the termination process of the former CBCS Director and the process of his appointment as Chief Executive Officer of a commercial bank is unacceptable under the current circumstances,” stated Minister of Finance Marinka Gumbs in a press release issued on Monday, July 14, 2025.