Economy - overview:
Tourism is the mainstay of the small open Aruban economy, together with offshore banking. Oil refining and storage ended in 2009. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Over 1.5 million tourists per year visit Aruba with 75% of those from the US. Construction continues to boom with hotel capacity five times the 1985 level. Tourist arrivals rebounded strongly following a dip after the 11 September 2001 attacks. The government has made cutting the budget and trade deficits a high priority.
GDP (purchasing power parity):
$2.258 billion (2005 est.)
GDP (official exchange rate):
$2.258 billion (2005 est.)
GDP - real growth rate:
2.4% (2005 est.)
GDP - per capita (PPP):
$21,800 (2004 est.)
GDP - composition by sector:
agriculture: 0.4%
industry:
33.3%
services:
66.3% (2002 est.)
Labor force:
41,500 (2004 est.)
Labor force - by occupation:
agriculture: NA%
industry:
NA%
services:
NA%
note:
most employment is in wholesale and retail trade and repair, followed by hotels and restaurants; oil refining
Unemployment rate:
6.9% (2005 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $507.9 million
expenditures:
$577.9 million (2005 est.)
Public debt:
46.3% of GDP (2005)
Inflation rate (consumer prices):
3.4% (2005 est.)
Central bank discount rate:
5% (31 December 2008)
Commercial bank prime lending rate:
11.23% (31 December 2008)
Stock of money:
$780.4 million (31 December 2008)
Stock of quasi money:
$890.3 million (31 December 2008)
Stock of domestic credit:
$1.321 billion (31 December 2008)
Agriculture - products:
aloes; livestock; fish
Industries:
tourism, transshipment facilities, oil refining
Industrial production growth rate:
NA%
Electricity - production:
850 million kWh (2007 est.)
Electricity - consumption:
790.5 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
2,351 bbl/day (2008 est.)
Oil - consumption:
8,000 bbl/day (2008 est.)
Oil - exports:
231,100 bbl/day (2007 est.)
Oil - imports:
236,400 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Exports:
$124 million (2006 est.); note - includes oil reexports
Exports - commodities:
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners:
Panama 22.3%, Colombia 19.5%, Venezuela 17.1%, US 13.8%, Netherlands Antilles 10.8%, Netherlands 7.3% (2008)
Imports:
$1.054 billion (2006 est.)
Imports - commodities:
machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners:
US 53.3%, Netherlands 11.8%, UK 4.6% (2008)
Debt - external:
$478.6 million (2005 est.)
Exchange rates:
Aruban guilders/florins (AWG) per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)
NOTE: The information regarding Aruba on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Aruba Economy 2010 information contained here. All suggestions for corrections of any errors about Aruba Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10