section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Curaçao has an open economy; its most important sectors are tourism, international trade, shipping services, oil refining, oil storage and bunkering, and international financial services. Venezuelan state oil company PDVSA 's lease on the island's oil refinery expired in 2019; the facility employs 1,000 people, refining oil from Venezuela for export to the US and Asia. Schlumberger, the world's largest oil field services company, is incorporated in Curaçao. The Isla oil refinery is said to be responsible for Curaçao's position as one of the world's top five highest per capita CO emission-producing countries.
  
  Along with Sint Maarten, Curaçao uses two co-circulating currencies: the Netherlands Antillean guilder and its successor, the Caribbean guilder; the former will be withdrawn as legal tender on 1 July 2025. Its economy is well-developed, supporting a high standard of living, ranking 46th in the world in terms of GDP (PPP) per capita and 27th in the world in terms of nominal GDP per capita. Curaçao possesses a high-income economy as defined by the World Bank. Activities related to the port of Willemstad, such as the Free Trade Zone, make significant contributions to the economy. To achieve greater economic diversification, the Curaçaoan government is increasing its efforts to attract more foreign investment. This policy, called the "Open Arms" policy, features a heavy focus on attracting information technology companies.
  
  Since 2016, reduced foreign demand for goods due to the ongoing unrest and political uncertainty in Venezuela has led to decreased exports and increased domestic demand for goods and services, resulting in economic stagnation. While many economic sectors contracted, expansion took place in the construction, financial intermediation, and utilities sectors.