National economy of Netherlands Antilles - industries, GDP and prosperity level

The Antilles are considered to be a fairly developed country. Its Gross Domestic Product (GDP) per capita is about seventeen thousand dollars. As regards purchasing power, GDP is about 3 billion according to estimates for the year 2014. This gives the Antilles the right to occupy 162nd place in the world ranking. The real growth rate of the GDP reaches one percent annually (roughly placing her in the seventieth place in the world ranking of successful countries). According to data for 2014, the country’s GDP amounted to about three billion dollars. Of this amount, Agriculture accounted for less than one percent. On the other hand, revenues from the service sector accounted for more than 80 percent. Industry accounts for at least fifteen percent.

Agriculture has been practiced within the territory of the Antilles from time immemorial, but the difficult climatic conditions, droughts, followed by strong lingering rainstorms eroding the soil, hampers the further development of this sector. In addition, the soil in the Antilles is extremely infertile. Approximately twenty percent of agricultural land is given to arable land. The largest farm is located near the capital of the Antilles, Willemstad. There you will find a center for dairy farming, vegetable growing and fruit cultivation. It is worth noting that there is a rather peculiar flora in this region, so many fruits cannot fully mature anywhere but on the territory of the islands.

Respectable offshore centers also contribute significantly toward the economy of the country. Yet in the middle of the last century, the islands decided to organize their banking structures to serve its oversea investments. The profit tax here is less than four percent per year. This is quite enough to maintain, and even gradually increase revenue from the sphere of banking services. Although, many experts note that the new tax laws that were introduced into the Antilles system at the beginning of the 2000’s significantly slowed the growth rate of the economy. Some of the country’s revenue comes from access to the sea and air harbors. Trade with the countries of the European Union and other partners is carried out through these channels. The total length of roads with a solid stationary coverage is more than eight hundred kilometers. Copyright www.orangesmile.com

The main export partners of the Antilles are the United States of America, Panama, Guatemala and the Bahamas. Most islands export oil and petroleum products. It is worth noting that the country often purchases crude oil from other partner countries .The raw crude is subsequently refined and the finished products are then exported. The main import partners are the United States of America, Italy, the Netherlands and Venezuela. Recently, the tourism industry has developed quite a lot. A few decades ago, nobody knew about the Antilles. Now even Europeans call the islands a real paradise for lovers of beach recreation and various water sports. It should be noted that the growth of the tourist influx has given rise to the development of the infrastructure thereby causing an increase in the popularity of the country and attracting foreign investors in the process.

The main areas of industry are the ship repairing and light industry. A significant contribution to the economy is made by processing and transportation of petroleum and its derivative products. In recent years, the internal policy of the Antilles has been aimed at the maintenance and development of industry in order to strengthen the economic structure. The external debt of the country is about two and a half billion dollars. The unemployment rate as of 2016 is about 17%. It should be noted that there is a slow growth dynamics of these indicators. Most persons of working age are engaged in the service sectors. Less than one percent of citizens are involved in agriculture and about twenty percent of the citizenry work in the industrial sector.