The Aruban economy grew in the first quarter of 2024.
ORANJESTAD - The Ministry of Economic Affairs, Communication, and Sustainable Development recently announced that Aruba's economy continues to grow, according to the latest publication, State of the Economy 2024 Q1, from the Central Bank of Aruba.
In the first three months of 2024, consumption indicators, such as the import of goods and utility consumption, showed growth compared to the same period in 2023. Investment indicators showed an increase in the value of new mortgages for homes, and indicators such as the import of base metals and derived products, construction materials, and new commercial mortgages showed a decline.
The Central Bank of Aruba indicates that in the first months of 2024, Aruba's economy grew by 11.2 percent in real terms. This growth is due to positive developments in the tourism industry and related investments.
In March 2024, inflation was 2.1%, while inflation on an annual average continued to decline, thanks to the reduction in the contribution from the utility tariff hike in August 2022, lower gasoline and diesel prices, and the normalization of food prices. For 2024, the Central Bank of Aruba forecasts an inflation rate of 1.6%.
The first months of 2024 show a positive trend in our economy, which coincides with the projections of the Central Bank of Aruba, the Ministry of Economic Affairs, and the International Monetary Fund.
