
Aruba Economy
Aruba Economy: A summary of information about Aruba Economy, from government research data as well as independent research and other sources.
Aruba: Economy
Economy - overview
Tourism is the mainstay of the Aruban economy, although offshore banking and oil refining and storage are 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 less than 1% unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years.
GDP
purchasing power parity - $1.6 billion (1998 est.)
GDP - real growth rate
3% (1998)
GDP - per capita
purchasing power parity - $22,800 (1998 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 (consumer prices)
2% (1999 est.)
Labor force
41,501 (1997 est.)
Labor force - by occupation
most employment is in wholesale and retail trade and repair, followed by hotels and restaurants (1997 est.)
Unemployment rate
0.6% (1996 est.)
Budget
revenues: $NA expenditures: $541 million, including capital expenditures of $NA (2000 est.)
Industries
tourism, transshipment facilities, oil refining
Industrial production growth rate
NA%
Electricity - production
475 million kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
442 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
aloes; livestock; fish
Exports
$1.17 billion (including oil reexports)(1998)
Exports - commodities
transport equipment, live animals and animal products, art and collectibles, machinery and electrical equipment
Exports - partners
US 53.2%, Colombia 14.9%, Netherlands 8.8% (1998)
Imports
$1.52 billion (1998)
Imports - commodities
machinery and transport equipment, crude oil for refining and reexport; foodstuffs
Imports - partners
US 55.5%, Netherlands 12.3%, Japan 3.5% (1998)
Debt - external
$285 million (1996)
Economic aid - recipient
$26 million (1995); note - the Netherlands provided a $127 million aid package to Aruba and Suriname in 1996
Currency
1 Aruban florin (Af.) = 100 cents
Exchange rates
Aruban florins (Af.) per US$1 - 1.7900 (fixed rate since 1986)
Fiscal year
calendar year