During 2012, the Aruban economy was impacted by the suspension of operations at the oil refinery.
A strong performance in tourism demand partly cushioned the output loss related to oil refining activities. However, the effects of the indefinite cessation of these activities were still major.
Government finances remained on a fragile path, while the balance of payments recorded a surplus during 2012. Meanwhile, monetary and prudential indicators remained adequate. Looking forward, the CBA projects, based on currently available information, the economy to grow in real terms by 2.6 percent in 2013, after the 1.2 percent contraction in 2012. Also, reserves are expected to increase in 2013, supported by the buoyant tourism sector and the ambitious investments planned to be carried out in 2013. In addition, the CBA expects a deflation of 1.5 percent in 2013, associated mainly with major and structural reductions in the water and electricity tariffs.