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PostPosted: Tue Aug 16, 2011 5:56 am 
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Aruba Is Going Through Its Fastest Economic Expansion Since 1989

August 16th 2011, Aruba.


ORANJESTAD-The Central Bank of Aruba (CBA) has revised the economic growth rate estimation for
the island for 2011 and projection for 2012. CBA has revised the real economic growth rate of the
island from 8.9 percent to 10.6 percent for 2011. The economy of Aruba is estimated to grow
faster than expected this year despite lower economic growth in the United States (the island's
most important trading partner), acceleration in the inflation rate, and higher oil prices on the
international market.

The CBA has revised the estimated economic growth figure upwards due to a stronger impact of
the reopening of the Valero oil refinery on the overall economy than was previously anticipated. In
addition, available data indicates that overall household consumption is higher than previously
projected, while government investments into the economy are much higher than anticipated.

The CBA is projecting a real economic growth rate of 3.6 percent for 2012. This growth will be
strongly influenced by increased investment activities. The projected growth for 2012 will be also
supported by the expected recovery of the international economy, and improving investor and
private confidence on the local economy. Economic activities will continue to improve, resulting in
more jobs, and thus more disposable income. In addition, exports will grow on the back of the
sustained recovery of the island's tourism industry.

The CBA has estimated that the inflation rate will be of 3.9 percent for 2011, and is projecting an
inflation rate of 2.9 percent for 2012. The unemployment rate in Aruba stood at 9 percent in 2010,
this figure is estimated to fall to 7.9 percent in 2011, and an unemployment rate of 7.4 percent is
projected for 2012.

The economy of Aruba has made a full turn around in 2011. The real economy of the island
declined by 2.9 percent in 2010, and at present the island is going through its fastest economic
expansion since 1989.


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