From the Central Bank, spending money we don’t have!
The Central Bank just released the December Government income numbers.
By Tourism Analytics
The Government’s income fell by 76 million florins in December 2020 (down 46.2%) compared with December 2019.
For 2020 as a whole, the Government’s income fell by 29.1%, from 1.402 billion florins in 2019 to 994 million florins in 2020, a decline of 408 million florins.
During the first nine months of 2020 Government expenditures grew by 20.1%, from 1.057 billion florins in the first three quarters of 2019 to 1.270 billion florins in the first nine months of 2020, an increase of 212 million florins.
With income totaling 748 million florins in the first nine months of 2020 and expenditures totaling 1.270 billion florins in the same nine months, the Government ran a cumulative deficit of 521 million florins in those nine months.
To assist in funding the deficit the Government borrowed 660 million florins in the first nine months of 2020, increasing the country’s national debt from 4.312 billion as of the end of the first quarter of 2020 to 4.979 billion florins by the end of the third quarter 2020, an increase of 15.5% during those six months.
The Central Bank estimates that Aruba’s GDP shrank by 26.4% in 2020, consequently the debt to GDP ratio grew from 73.7% at the end of 2019 to 115.4% by the end of the third quarter of 2020.
