The economy was based on agriculture, and specifically on sugar cane crops, until the end of the 16th century, when it collapsed, leading to calamities that were felt throughout the following century.
In the 17th and 18th centuries, the economy of Arucas fell into a period of decadence compared with the splendour of the past.
During the 18th century, vineyards helped to keep the economy afloat, together with corn, wheat, potatoes and fruit trees.
The release of Estate land derived from the “modernising” laws of Mendizábal and Madoz (19th century), saw the start of great agricultural development, led by cochineal breeding, followed in importance by sugar cane and bananas.

Single-crop banana tree plantations are still very common in the town. Up to 1970, Arucas was the town with the largest surface area of banana crops in the entire archipelago.
Certain events have also been especially significant in the town’s economic history, such as the establishment of the "San Pedro Sugar Factory and Distillery” in 1884 (now transforming sugar cane into rum as the “Arehucas Distillery”), and the “La Isleña” cocoa and wheat product factory in 1889.
Other activities are now economically important, such as trade, services, industry and tourism.