Sint Eustatius

Sint Eustatius exhibits extreme economic volatility from oil sector dependency: GDP contracted 11% in 2022 and has fallen 35% from 2017 levels ($142 million to $92 million in constant prices). The island's economy relies on oil storage, bunkering, and related services for ships—activities that fluctuated wildly with regional demand shifts and 2019 oil sector disruptions. Hurricane Irma (2018) caused major damage; combined with oil market collapse, the island lost over one-third of its economic output in five years. This creates a paradox: Sint Eustatius has the highest per-capita GDP among BES islands (over $33,000) because population is small, but that economy is dangerously unstable. Tourism exists but cannot replace oil-related revenues at anywhere near equivalent scale. The island's status as Dutch special municipality since 2010 provides structural support—subsidies maintain services and income levels at 60-70% of European Netherlands—but cannot offset boom-bust cycles in the dominant sector. Sint Eustatius demonstrates how single-industry dependence in small island economies creates amplified volatility: a few large businesses' fortunes determine territorial economic performance. The diversification challenge is acute: limited population (approximately 3,100), limited land area, and limited alternative economic options beyond tourism and financial services that other Caribbean jurisdictions already dominate.