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World > North America > Aruba > Economy (Facts)

Aruba - Economy (Facts)
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. 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 - real growth rate: 2.4% (2005 est.)
GDP (purchasing power parity): $2.258 billion (2005 est.)
GDP (official exchange rate): $2.258 billion (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.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 3.4% (2005)
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.)
Budget: revenues: $507.9 million
expenditures: $577.9 million; including capital expenditures of NA (2005 est.)
Industries: tourism, transshipment facilities, oil refining
Industrial production growth rate: NA
Electricity - production: 770 million kWh (2004)
Electricity - consumption: 716.1 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 2,363 bbl/day (2004)
Oil - consumption: 7,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: aloes; livestock; fish
Exports: $80 million f.o.b.; note - includes oil reexports (2004 est.)
Exports - commodities: live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners: Netherlands 27.7%, Panama 25.5%, Colombia 12.8%, Venezuela 11.1%, US 9.4%, Netherlands Antilles 7.1% (2006)
Imports: $875 million f.o.b. (2004 est.)
Imports - commodities: machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners: US 53.6%, Netherlands 12.9%, UK 3.6% (2006)
Debt - external: $478.6 million (2005 est.)
Economic aid - recipient: $11.3 million (2004)
Currency: Aruban Florin (old guilder) (AWG)
Currency code: AWG
Exchange rates: Aruban guilders/florins per US dollar - 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003), 1.79 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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