Encyclopedia > Economy of Aruba

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Economy of Aruba

Economy - overview:
Tourism 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. The government's goal of balancing the budget within two years will hamper expenditures, as will the decline in stopover tourist arrivals following the 11 September terrorist attacks.

GDP: purchasing power parity - $1.94 billion (1999 est.)

GDP - real growth rate: 2.5% (2000)

GDP - per capita: purchasing power parity - $28,000 (2000 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): 4% (2000)

Labor force: 41,501

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%

revenues: $135.81 million
expenditures: $147 million, including capital expenditures of $NA (2000)

Industries: tourism, transshipment facilities, oil refining

Industrial production growth rate: NA%

Electricity - production: 450 million kWh (2000)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption: 418.5 million kWh (2000)

Electricity - exports: 0 kWh (2000)

Electricity - imports: 0 kWh (2000)

Agriculture - products: aloes; livestock; fish

Exports: $2.58 billion f.o.b. (including oil reexports) (2000)

Exports - commodities: live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

Exports - partners: US 42%, Colombia 20%, Netherlands 12% (1999)

Imports: $2.61 billion f.o.b. (2000)

Imports - commodities: machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs

Imports - partners: US 63%, Netherlands 11%, Netherlands Antilles 3%, Japan (1999)

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: Aruban guilder/florin (AWG)

Currency code: AWG

Exchange rates: Aruban guilders/florins per US dollar - 1.7900 (fixed rate since 1986)

Fiscal year: calendar year

See also: Aruba

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