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Aruba Economy Profile 2014

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Economy - overviewTourism and offshore banking are the mainstays of the small open Aruban economy. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. Tourism now accounts for over 80 % of economic activity. Over 1.5 million tourists per year visit Aruba, with 75% of those from the US. The rapid growth of the tourism sector has resulted in a substantial expansion of other activities. Construction continues to boom with hotel capacity five times the 1985 level. Aruba is heavily dependent on imports and is making efforts to expand exports to achieve a more desirable trade balance. Aruba weathered two major shocks in recent years: fallout from the global financial crisis, which had its largest impact on tourism, and the closure of its oil refinery in 2009. Economic recovery is progressing gradually, but output is still 12% below its pre-crisis level. Aruba’s banking sector withstood the recession well, and unemployment has significantly decreased.
GDP (purchasing power parity)$2.516 billion (2009 est.)
$2.258 billion (2005 est.)
$2.205 billion (2004 est.)
GDP (official exchange rate)$2.516 billion (2009 est.)
GDP - real growth rate2.4% (2005 est.)
GDP - per capita (PPP)$25,300 (2011 est.)
GDP - composition by sectoragriculture: 0.4%
industry: 33.3%
services: 66.3% (2002 est.)
Population below poverty lineNA%
Labor force51,610
note: of the 51,610 workers aged 15 and over in the labor force, 32,252 were born in Aruba and 19,353 came from abroad; foreign workers are 38% of the employed population (2007 est.)
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
note: most employment is in wholesale and retail trade, followed by hotels and restaurants
Unemployment rate6.9% (2005 est.)
Unemployment, youth ages 15-24total: 23.2%
male: 24.1%
female: 22.9% (2007)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $625.1 million
expenditures: $813.9 million (2013 est.)
Taxes and other revenues24.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-7.5% of GDP (2013 est.)
Public debt67% of GDP (2013)
55% of GDP (2012)
Inflation rate (consumer prices)-2% (2013 est.)
0.6% (2012 est.)
Central bank discount rate1% (31 December 2010 est.)
3% (31 December 2009 est.)
Commercial bank prime lending rate10.5% (31 December 2013 est.)
8.4% (31 December 2012 est.)
Stock of narrow money$1.022 billion (31 December 2012 est.)
$868.5 million (31 December 2011 est.)
Stock of broad money$1.91 billion (31 December 2012 est.)
$1.765 billion (31 December 2011 est.)
Stock of domestic credit$1.594 billion (31 December 2012 est.)
$1.448 billion (31 December 2011 est.)
Agriculture - productsaloes; livestock; fish
Industriestourism, transshipment facilities, banking
Industrial production growth rateNA%
Exports$2.222 billion (2013 est.)
$1.389 billion (2012 est.)
Exports - commoditieslive animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partnersColombia 39.4%, Venezuela 29.3%, US 13%, Netherlands Antilles 4.1% (2012)
Imports$3.162 billion (2013 est.)
$2.039 billion (2012 est.)
Imports - commoditiesmachinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partnersUS 46.4%, Netherlands 11.5%, UK 5.4% (2012)
Debt - external$533.4 million (2005 est.)
Exchange ratesAruban guilders/florins per US dollar -
1.79 (2013 est.)
1.79 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on June 30, 2015