Economic activities in Aruba decelerated in the first nine months of 2016. Lower tourism exports and contracting domestic consumption contributed to this development.
Tourism income, as registered in the balance of payments, decreased by 0.4 percent in contrast to a 3.9 percent gain in the same period in 2015. This decline was likely attributed in large part to the reversal in the buoyant trend in the Venezuelan tourism market evident in the previous five years.
Despite some large ongoing projects such as the expansion and renovation of the Dr.
Horacio E. Oduber Hospital and the Green Corridor, investment activities did not really gain momentum, due to the subdued refurbishment activities in the oil refinery.
Consumption statistics were also diverse for the year to date but generally pointed to a further slowdown. Noticeable is that revenue from the turnover tax (BBO) recorded negative growth over the first nine months, while consumer credit, as reported by the commercial banks, contracted further.Download PDF