WILLEMSTAD – Curaçao’s economy continued to expand in 2025, but the pace of growth slowed significantly compared to the previous year, according to the 2025 annual report of the Economists Club.
The report indicates that the island’s economy grew by 2.9 percent in 2025, down from 5.4 percent in 2024. Looking ahead, economists expect growth to weaken further in 2026, with projections pointing to an expansion of approximately 2.5 percent.
The estimates are based on forecasts from the Central Bank of Curaçao and Sint Maarten (CBCS).
Tourism Remains the Main Growth Engine
According to the report, tourism continues to be the primary driver of economic activity on the island. The sector has generated positive spillover effects for hotels, restaurants, transportation companies, communications services, and the real estate market.
The construction sector also benefited from ongoing investments in tourism-related developments, residential housing projects, and utility infrastructure.
Curaçao recorded another record-breaking year for tourism in 2025. The island welcomed 788,427 stay-over visitors, representing an increase of 13 percent compared to the previous year. Combined stay-over and cruise tourism arrivals surpassed 1.7 million visitors, the highest level ever recorded.
The strong tourism performance has helped sustain economic growth and employment while supporting government revenues and private-sector investment.
Concerns Over Economic Balance
Despite the positive tourism figures, the Economists Club warns that Curaçao's economic growth is becoming increasingly concentrated in a limited number of sectors.
According to the report, several traditional pillars of the economy—including the refinery sector, international financial services, and logistics—have shown little or no growth in recent years.
As a result, a growing share of economic activity is being generated by tourism and real estate development.
The economists caution that an economy that relies too heavily on a small number of sectors can become more vulnerable to external shocks, including fluctuations in tourism demand and global economic conditions.
New Risks on the Horizon
The report also highlights several emerging risks that could affect Curaçao’s economic outlook in the coming years.
Among the concerns identified are rising trade tensions linked to U.S. tariff policies, increasing energy prices, geopolitical instability, and the possibility of additional interest rate increases in the United States.
According to the Economists Club, these factors could place pressure on the island’s economic recovery and affect investment decisions, consumer spending, and business activity.
Call for Diversification
The findings add to a growing debate about the need to diversify Curaçao’s economy beyond tourism and real estate.
While tourism continues to deliver record visitor numbers and remains a crucial source of income and employment, economists argue that sustainable long-term growth will require stronger development in other sectors as well.
The Economists Club, formally known as the Association of Caribbean Dutch Economists, is a professional network of economists and financial experts from Curaçao and the wider Dutch Caribbean. The organization regularly hosts seminars, lectures, and discussions on economic and financial developments affecting the islands.
The latest report suggests that while Curaçao’s economy remains on a growth path, policymakers may need to focus increasingly on broadening the economic base to ensure resilience in the face of future global challenges.