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Saint Barthelemy - Economy

The recovery in the global economy slowed in 2011. This global slowdown can be explained in particular by rising raw material prices, increasing uncertainties related to public debt in industrialized countries and supply-related shortages Natural disaster in Japan. While growth was still sustained in emerging countries, it is slowing due to sluggish global growth prospects. Higher prices remain contained in developed countries and inflationary pressures are tending to ease in emerging economies.

The economy of Saint-Barthélemy recovered in 2011 a significant dynamism, confirming the signs of recovery observed in 2010. The two key sectors that are tourism and the BTP are experiencing an upturn, in a context marked by the return of a part Of the North American customer base, favored in the second half by the improvement of the Euro-dollar exchange rate.

After three years of decline, the island's tourist traffic grew by 11.3%, boosted by the sharp increase in cruise activity (+ 25.4%). With 313,000 visitors, the tourist activity thus returns results close to those of pre-crisis. Air traffic increased by 6.8%. This favorable development, felt by all professionals in the sector, allows the revenue of the tourist tax collected on overnight stays of hotels and villas to exceed for the first time the 4 million euros.

The construction industry benefits from the still high level of public order, illustrated by the continuation of several major projects. The number of building permits issued has increased by almost 15%. The evolution of banking activity, in this well-oriented economic context, is favorable. Outstanding loans increased by 10.4% year-on-year (up 9.1% in 2010) to reach € 196.1 million. This increase is largely due to housing loans, again dynamic (+ 14.5%). Investment credits recover positive growth of 7.1% after a decline of 3.8% in 2010, sign of a renewed optimism of the entrepreneurs. On the other hand, consumer loans declined sharply (-6.5%) and the deceleration of operating loans, already recorded in 2010, continued (-17.9%).

The use of bank credit by households (+ 10.4%) increased, but at a slower pace than in 2010. Business outstandings also rose in 2011 (+ 9.7%), after two Consecutive years of decline. Growth in financial assets (+ 6.5%) was, on the other hand, less marked than in 2010 (+ 12.7%), notably due to a slight increase in liquid and short-term investments (+ 1.9%). . Conversely, a good performance of demand deposits (+ 11.2%) was noted.

By economic agent, households outstandings rose in 2011 at a slower pace than in 2010 (+ 5.1% after + 21.1%). On the other hand, after three consecutive years of decline, the financial assets of companies recorded a rebound of 10.9%.