We forecast that the structurally large current-account deficit will narrow to 12.5% of GDP in 2023 from 15.7% of GDP in 2022. Our forecast is based on the assumption that a sharp rise in tourism income offsets elevated food and fuel prices amid ongoing supply-chain disruptions caused by Russia's invasion of Ukraine. The deficit will narrow in 2023 as commodity prices soften and tourism growth steadies. As at end-August official reserves for the currency union with Sint Maarten stood at a comfortable Naf5.2bn (US$2.9bn, or 86.2% of GDP), equivalent to 5.2 months of import cover, with foreign-exchange reserves at Naf2.6bn.