Aruba Economy
Economy - overviewTourism is the mainstay of the small, open Aruban economy, with offshore banking and oil refining and storage also important. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Construction has boomed, with hotel capacity five times the 1985 level. In addition, the reopening of the country's oil refinery in 1993, a major source of employment and foreign exchange earnings, has further spurred growth. Aruba's small labor force and low unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years. Tourist arrivals have declined in the aftermath of the 11 September 2001 terrorist attacks on the US. The government now must deal with a budget deficit and a negative trade balance.
GDP
purchasing power parity - $1.94 billion (2002 est.)
GDP - real growth rate
-1.5% (2002 est.)
GDP - per capita
purchasing power parity - $28,000 (2002 est.)
GDP - composition by sector
agriculture: NA
industry: NA
services: NA
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
3.2% (2002 est.)
Labor force
41,500 (1997 est.)
Labor force - by occupation
most employment is in wholesale and retail trade and repair, followed by hotels and restaurants; oil refining
Unemployment rate
0.6% (2003 est.)
Budget
revenues: $135.8 million
expenditures: $147 million, including capital expenditures of NA (2000)
Agriculture - products
aloes; livestock; fish
Industries
tourism, transshipment facilities, oil refining
Industrial production growth rate
NA (2002 est.)
Electricity - production
531.9 million kWh (2001)
Electricity - consumption
494.7 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
6,500 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Exports
$128 million f.o.b. (including oil reexports) (2002 est.)
Exports - commodities
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners
Netherlands 33.7%, Colombia 12%, Netherlands Antilles 12%, Panama 12%, Venezuela 10.8%, US 9.6% (2003)
Imports
$841 million f.o.b. (2002 est.)
Imports - commodities
machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners
US 55.3%, Netherlands 13%, Netherlands Antilles 3.1% (2003)
Debt - external
$285 million (1996)
Currency
Aruban guilder/florin (AWG)
Currency code
AWG
Exchange rates
Aruban guilders/florins per US dollar - 1.79 (2003), 1.79 (2002), 1.79 (2001), 1.79 (2000), 1.79 (1999)
