St. Maarten’s first-quarter surplus rises as public debt increases

The report said government revenue rose Cg 8.8 million from the first quarter of 2025 and current spending rose Cg 8.2 million. Tax revenue increased Cg 29.8 million, although CBCS said much of that rise reflected tax revenue being reclassified after bank-statement descriptions were clarified. Licence-fee income fell Cg 1.5 million, partly linked to invoicing backlogs for business and directors’ licences.

Outstanding public debt rose Cg 1.8 million to Cg 1.2713 billion in the first quarter, The People’s Tribune reported. CBCS attributed the increase to domestic debt, including unpaid cost-of-living adjustment invoices owed to pension fund APS. Foreign debt remained Cg 1.1267 billion. The debt-to-GDP ratio fell 2.2 percentage points to 38.5%, as nominal GDP grew faster than debt.

CBCS forecasts a current budget surplus equal to 1.2% of GDP for 2026, compared with 0.7% in 2025. It forecasts an overall deficit of 0.2% of GDP after capital investment, with delayed government investment projects contributing to lower capital spending. The bank also said it lacks the detailed, timely data needed to calculate a reliable turnover-tax compliance gap.