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Kingdom of the Netherlands - Aruba: 2017 Article IV Consultation-Press Release and Staff Report
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2017: Issue 155
Language:
English
Publication Date:
15 Jun 2017
DOI:
https://doi.org/10.5089/9781484304389.002
ISBN:
9781484304389
ISSN:
1934-7685
Pages:
64
Keywords:
ISCR; CR; discussion; IMF staff calculation; monetary policy stance; central bank financing; article IV consultation discussion; per capita income; money market rate; Fiscal consolidation; Tourism; Fiscal stance; Caribbean; Global
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This 2017 Article IV Consultation highlights Aruba’s recession, which began around mid-2015. Real GDP contracted by 0.5 and 0.2 percent in 2015 and 2016, respectively. Weakness in activity was broad based in 2016. Domestic demand contracted by 3.0 percent. Exports grew only 0.3 percent owing to weak tourism and shrinking nontourism exports. Imports contracted by 3.5 percent, reflecting weak demand on the back of fiscal consolidation and weak tourism growth. Monetary policy was unchanged during 2015–16. The banking system remains resilient. Banks maintain elevated capital buffers, have relatively low nonperforming loans, and are profitable.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund