First quarter 2011 indicators mixed

PHILIPSBURG--Economic indicators for the first quarter of 2011 (January to March) show an increase in turn-over-tax (ToT) receipts compared to the same period of 2010, but confirmed what has already been made clear in statistics from the Tourist Bureau, a decline in stay-over arrivals.

ToT, used as an economic activity indicator and not as revenue indicator, showed a positive change of 10 percent compared to the first quarter of 2010. The ToT figures were not adjusted to reflect the 5 percent increase, which was implemented in February 2011.

Overall government revenues on a cash basis expanded by approximately 9 per cent in the first quarter of 2011. However, revenues from hotel room taxes decreased by about 4 per cent, timeshare tax decreased by almost 18 percent and rental tax receipts contracted by 3.5 percent.

Receipts from direct taxes (wage-tax) decreased by 4 per cent during the first quarter. Positive increases were recorded in the vehicle tax bracket with a 6.4 per cent increase and in the bracket "other revenues" with 43 per cent. AVBZ premiums showed a decrease of approximately 12.5 per cent.

Quarterly figures on income and profit taxes are typically omitted from quarterly releases from government. This is due to the fact that on a quarter-on-quarter basis, significant fluctuations are observed in these taxes resulting from varying factors that are not necessarily the outcome of economic developments.

As previously reported, stay-over visitor arrivals from January to March 2011 declined by almost 3 per cent, with the most alarming indicator coming from the North American market which recorded a 7 per cent decrease in arrivals in the same period compared to 2010. As a result, the occupancy rate in the first quarter declined by 8 per cent. Cruise passenger arrivals went up 21 per cent and cruise vessel calls went up 19.8 percent in the first quarter.

In other sector indicators, during the first quarter of 2011 the utility sector, both electricity and water consumption, shows a decrease of 6.6 per cent and 5.5 per cent compared to 2010. In Banking, based on figures from the Central Bank of Cura�ao and St. Maarten, improvements were recorded in the first quarter. Resident loans grew slightly by 2 per cent while expansions in resident deposits grew 11 percent.

Source: http://www.thedailyherald.com/islands/1-islands-news/21903-first-quarter-2011-indicators-mixed.html

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