The midyear economic review confirms the strong economic momentum Martinique has shown so far this year. Overall, the cumulative level of economic activity puts 2023 on a very positive economic trajectory.
Since the beginning of 2023, the cumulative revenue of companies filing monthly reports has reached 10.0 billion euros, exceeding the figure recorded in June 2022 by 12.7 % (8.87 billion euros), 30 % higher than the figure recorded in 2021, and 43 % higher than that of 2020.
Consumer prices remained stable in June (-0.1%). On a rolling-year basis, inflation stood at 2.6 %, compared with 4.5 % for France as a whole.
Martinique's main economic sectors are growing:
– The construction sector is showing steady growth, with cumulative revenue of 618 million euros (+11% Q3), which now exceeds the 2022 level of activity; ;
– The manufacturing sector is up by +22 % from its 2022 activity level and up by as much as +95 % from its 2020 level; ;
– The lodging and foodservice sectors confirmed their recovery following the health crisis, with cumulative revenue of 350 million euros in 2023. Revenue growth stands at +29 % compared to 2022, +69 % compared to 2021, and +58 % compared to 2020; ;
– The agriculture, fishing, and forestry sector has generated cumulative revenue of 250 million euros since the beginning of 2023, up 10 % from 2022, when revenue stood at 227 million euros.
The number of new business start-ups has continued its upward trend since 2018 (3,122 start-ups in the first quarter of 2023) and remains well above the number of business failures (119 during the same period), even though the number of business failures is rising significantly.
Under these circumstances, tax revenues are up 8 % compared to 2022, 28 % compared to 2021, and 53 % compared to 2020.
Sources: DRFIP Martinique & IEDOM.
