Aruba Economy 2008

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 (purchasing power parity):
$2.258 billion (2005 est.)

GDP (official exchange rate):
$2.258 billion (2005 est.)

GDP - real growth rate:
2.4% (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.)

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.)

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)

Budget:
revenues: $507.9 million
expenditures: $577.9 million (2005 est.)

Public debt:
46.3% of GDP (2005)

Agriculture - products:
aloes; livestock; fish

Industries:
tourism, transshipment facilities, oil refining

Industrial production growth rate:
NA%

Electricity - production:
770 million kWh (2005)

Electricity - consumption:
716.1 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
2,356 bbl/day (2005)

Oil - consumption:
7,000 bbl/day (2005 est.)

Oil - exports:
230,600 bbl/day (2004)

Oil - imports:
235,000 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006)

Exports:
$124 million f.o.b.; note - includes oil reexports (2006)

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:
$1.054 billion f.o.b. (2006)

Imports - partners:
US 53.6%, Netherlands 12.9%, UK 3.6% (2006)

Economic aid - recipient:
$11.3 million (2004)

Debt - external:
$478.6 million (2005 est.)

Currency (code):
Aruban guilder/florin (AWG)

Exchange rates:
Aruban guilders/florins per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)