The report from the Central Bureau of Statistics of Aruba (CBS), submitted to the relevant minister Geoffrey Wever, and shared with parliament, reveals compiled data from various government departments.
For example, data received from the Aruba Tourism Authority (ATA) regarding the number of arrivals and visitors show positive indicators for Aruba’s economy. Figures indicate an improvement of nearly 10% compared to pre-pandemic levels.
Cruise visitors in the first three quarters increased by 60%, attributed to more calls (21 more) compared to the same period in 2022. Additionally, the types of cruise ships visiting Aruba have changed, with more and larger vessels.
It’s important to know how much tourists spend in Aruba. At the time of the report, it showed that in the first three quarters of 2023, tourism credits improved by 15.3% compared to 2022. And everything indicates that the last quarter will yield similar results, meaning more spending by tourists compared to 2022.
But the question for a department like the Central Bureau of Statistics is whether this commendable performance will have a positive influence on every household and consumption pattern.
Regarding water and electricity consumption per household, there’s a deviation from the norm: water provision to households decreased by 7.1% in the first half of 2023, while electricity provision to households increased by 6.7% in the first nine months.
It’s believed that water usage may have been influenced by the rainfall, which could be a reason for the reduced water consumption in 2023.
Consumer credit decreased by 4.5 million in the second quarter compared to December 2022. However, mortgages increased by 38.2 million during the same period. Total consumer credit issuance increased by 1.7%.
CBS data also shows an 8.1% increase in monthly salaries in 2023 compared to 2022, a positive development in household consumption patterns.
Investment figures were somewhat limited, but the available data indicates an improvement in investments in 2023.
The first aspect mentioned by CBS is that business loans increased by 10.5% in the first six months compared to December 2022. For example, cement imports, a good indicator of construction activity, increased by 14.2% in the first three quarters of 2023 compared to the same period in 2022.
Also, the number of construction permits issued increased by 5.7% in the first three quarters of the year. While not a strong indicator due to the lack of a time limit for construction to commence after the permit is issued, CBS sees it as a positive indicator for development in the investment sector.
Imports
Aruba practically imports all its products, and the sector is a significant indicator of economic development. Total imports for Aruba increased by 9.5% in the first three quarters, contributing more weight to the positive economic development last year.
Food product imports increased by 4.4%, while non-food product imports improved by 12.3%. Noteworthy products in this sector include imported vehicles, which increased by 43.8%, construction materials by 30.5%, and machinery by 18.7%. All are good indicators in the investment sector.
Conclusion
Based on this brief analysis, CBS concludes that there’s a better understanding of how Aruba’s economy performed in 2023, and it was positive.
