Aruba Economy Profile 2009

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. 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.)
$2.205 billion (2004 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.)

Population below poverty line

NA%

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.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Public debt

46.3% of GDP (2005)

Inflation rate (consumer prices)

3.4% (2005)

Central bank discount rate

5% (31 December 2008)
5% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
11.01% (31 December 2007)

Stock of money

$780.4 million (31 December 2008)
$640.9 million (31 December 2007)

Stock of quasi money

$890.3 million (31 December 2008)
$792.9 million (31 December 2007)

Stock of domestic credit

$1.321 billion (31 December 2008)
$1.348 billion (31 December 2007)

Industries

tourism, transshipment facilities, oil refining

Industrial production growth rate

NA%

Electricity - production

800 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

744 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

2,356 bbl/day (2007 est.)

Oil - consumption

7,102 bbl/day (2006 est.)

Oil - imports

238,200 bbl/day (2005)

Oil - exports

233,300 bbl/day (2005)

Oil - proved reserves

NA

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006)

Agriculture - products

aloes; livestock; fish

Exports

$124 million (2006); note - includes oil reexports

Exports - commodities

live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

Exports - partners

US 69.4%, Brazil 8.7%, France 6.4%, UK 4.5% (2008)

Imports

$1.054 billion (2006)

Imports - commodities

machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs

Imports - partners

US 57%, Netherlands 7.6%, Brazil 3.8% (2008)

Debt - external

$478.6 million (2005 est.)

Economic aid - recipient

$11.3 million (2004)

Currency (code)

Aruban guilder/florin (AWG)

Currency (code)

AWG

Exchange rates

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

Fiscal year

calendar year