Aruba:
Economy

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Other pages in this profile of Aruba:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. 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. In addition, the country's oil refinery reopened in 1993, providing a major source of employment, foreign exchange earnings, and growth. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. The island experiences only a brief low season, and hotel occupancy in 2004 averaged 80%, compared to 68% throughout the rest of the Caribbean. The government has made cutting the budget and trade deficits a high priority.
GDP (purchasing power parity)	Definition - World rank and map $2.258 billion (2005 est.)
GDP (official exchange rate)	Definition $2.258 billion (2005 est.)
GDP - real growth rate	Definition - World rank and map 2.4% (2005 est.)
GDP - per capita	Definition - World rank and map $21,800 (2004 est.)
GDP - composition by sector	Definition agriculture: 0.4% industry: 33.3% services: 66.3% (2002 est.)
Labor force	Definition 41,500 (2004 est.)
Labor force - by occupation	Definition 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	Definition - World rank and map 6.9% (2005 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.4% (2005)
Budget	Definition revenues: $507.9 million expenditures: $577.9 million (2005 est.)
Public debt	Definition - World rank and map 46.3% of GDP (2005)
Agriculture - products	Definition aloes; livestock; fish
Industries	Definition tourism, transshipment facilities, oil refining
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 770 million kWh (2005)
Electricity - consumption	Definition - World rank and map 716.1 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 7,052.4 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 2,356 bbl/day (2005)
Oil - consumption	Definition - World rank and map 7,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 68.9 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 230,600 bbl/day (2004)
Oil - imports	Definition - World rank and map 235,000 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006)
Exports	Definition - World rank and map $124 million f.o.b.; note - includes oil reexports (2006)
Exports - commodities	Definition live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners	Definition Panama 29.7%, Colombia 17%, Netherlands Antilles 13.2%, US 11.3%, Venezuela 10.9%, Netherlands 9.2% (2006)
Imports	Definition - World rank and map $1.054 billion f.o.b. (2006)
Imports - commodities	Definition machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners	Definition US 54.6%, Netherlands 12%, UK 4.7% (2006)
Debt - external	Definition - World rank and map $478.6 million (2005 est.)
Economic aid - recipient	Definition $11.3 million (2004)
Currency (code)	Definition Aruban guilder/florin (AWG)
Exchange rates	Definition Aruban guilders/florins per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)
Fiscal year	Definition calendar year

Aruba: Economy

Aruba:
Economy