IN BRIEF |
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| 1. | L’economy of Saint Martin shows tangible signs of recovery after the strong turbulence of Hurricane Irma and the pandemic. |
| 2. | In 2023, the labor market is improving, with a drop in Job Requests at the end of the month (DEFM) of 9.3% in category A and 3.7% in categories ABC. |
| 3. | The activity banking is on good momentum with outstanding credit reaching €617.7 million. |
| 4. | THE marina maintains dynamic activity despite a slightly contrasting year compared to 2022. |
| 5. | Economic obligation and potential sightseeing remain crucial factors for the growth of Saint-Martin. |
In 2023, the enchanting islands of Saint Martin And Saint Barthélemy return to prosperity. After the destructive storms of 2017 and the shadows of the global pandemic, these Caribbean gems display renewed vigor. Like a phoenix rising from the ashes, the economy of Saint-Martin shows tangible signs of recovery, with a significant drop in job applications and positive banking dynamics. For its part, Saint-Barthélemy shines brightly, supported by an improving job market and dynamic port activity. As the winds of history blow favorably, the rhythm of night life and the art of living of an island community continue to reinvent their brilliance under the tropical sun.
In 2023, the economy of Saint-Martin and Saint-Barthélemy showed tangible signs of recovery after the severe turbulence of recent years. Despite a still high unemployment rate, the job market is improving, largely thanks to the public and tourism sectors. This article explores the various aspects of this vibrant economic recovery.
Economic resilience after security and health challenges
After the devastating storms of Hurricane Irma in 2017 and the global impact of the Covid-19 pandemic, Saint Martin and Saint Barthélemy stand up brilliantly. Annual economic reports, such as that of the IEDOM in 2023, reveal a clear improvement in economic activity, with a decrease in job applications at the end of the month in Saint-Martin, particularly in category A sectors.
Banking and credit: an engine of growth
The banking dynamic for 2023 is clearly positive, with outstanding credit reaching 617.7 million euros. Banks are showing renewed confidence, thus supporting a multitude of commercial and personal projects that contribute to the overall economic recovery.
Tourism and infrastructure: keys to economic revitalization
The tourism sector, essential to the economic survival of Saint-Martin and Saint Barthélemy, continues to play a central role. Although the marina has experienced contrasting moments in 2022 and 2023, its activity remains dynamic. Thus, the development of tourism potential is a short and medium-term economic obligation, reinforced by diversified initiatives.
Renovation projects to boost the economy
The integration of renovation projects in public sectors marks a notable turning point for Saint-Martin and Saint-Barthélemy. These initiatives are essential to modernize the necessary infrastructure to meet the new economic and social demands of the islands.
Promising job prospects
Despite a still high unemployment rate, around 26% in 2023, the labor market is seeing significant improvements. The job offer is expanding, reinforced by sectors such as hospitality and personal services. These advances promise a brighter future for the islands’ inhabitants, influencing not only the local economy but also the lifestyle of their residents.
For a more detailed overview of the current economic situation in Saint-Martin in 2023, you can consult the IEDOM report.
Economic Dynamics 2023: Saint-Martin vs Saint-Barthélemy
| Economic aspects | Saint Martin | Saint Barthélemy |
| Post-Crisis Recovery | Notable improvement after Hurricane Irma and the pandemic | Consolidation of a high standard of living |
| Unemployment rate | 26% with a continued reduction in job applications | Structurally low unemployment |
| Banking Activity | Progress with €617.7 million in outstanding credit | Robust financial stability |
| Marina | Dynamic activity despite a contrasting year | Trough in the tourism economy |
| Tourist Potential | Short and medium term valuation | Continued international attraction |
- Economic Dynamics in 2023:
- Remarkable recovery from the challenges of Hurricane Irma and the pandemic.
- Improvement in the labor market with a drop in Job Applications.
- Banking activity in full expansion with increasing outstanding credit.
- Marina still dynamic despite a contrasting year.
- Remarkable recovery from the challenges of Hurricane Irma and the pandemic.
- Improvement in the labor market with a drop in Job Applications.
- Banking activity in full expansion with increasing outstanding credit.
- Marina still dynamic despite a contrasting year.
- Challenges and Opportunities:
- Unemployment rate still high, but gradually decreasing.
- Development of tourism potential as an economic priority.
- Renovation and dynamism of the public and tourist sectors.
- Geostrategic asset of overseas territories in globalization.
- Unemployment rate still high, but gradually decreasing.
- Development of tourism potential as an economic priority.
- Renovation and dynamism of the public and tourist sectors.
- Geostrategic asset of overseas territories in globalization.
- Remarkable recovery from the challenges of Hurricane Irma and the pandemic.
- Improvement in the labor market with a drop in Job Applications.
- Banking activity in full expansion with increasing outstanding credit.
- Marina still dynamic despite a contrasting year.
- Unemployment rate still high, but gradually decreasing.
- Development of tourism potential as an economic priority.
- Renovation and dynamism of the public and tourist sectors.
- Geostrategic asset of overseas territories in globalization.