Aruba Economy Profile 2012

Economy - overview

Tourism is the mainstay of the small open Aruban economy, together with offshore banking. Oil refining and storage ended in 2009. 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. Tourist arrivals rebounded strongly following a dip after the 11 September 2001 attacks. 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

Unemployment rate

6.9% (2005 est.)

Unemployment, youth ages 15-24

total: 23.2%
male: 24.1%
female: 22.9% (2007)

Household income or consumption by percentage share

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

Investment (gross fixed)

NA%

Budget

revenues: $650.4 million
expenditures: $693.6 million (2010 est.)

Taxes and other revenues

28.8% of GDP (2010 est.)

Budget surplus (+) or deficit (-)

-1.9% of GDP (2010 est.)

Public debt

46.3% of GDP (2005)

Inflation rate (consumer prices)

2.1% (2010 est.)
-2.1% (2009 est.)

Central bank discount rate

1% (31 December 2010 est.)
3% (31 December 2009 est.)

Commercial bank prime lending rate

10.3% (31 December 2010 est.)
10.7% (31 December 2009 est.)

Stock of narrow money

$762.8 million (31 December 2009)
$856.1 million (31 December 2008)

Stock of money

$781 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 broad money

$1.753 billion (31 December 2009 est.)
$1.758 billion (31 December 2008 est.)

Stock of domestic credit

$1.412 billion (31 December 2009 est.)
$1.322 billion (31 December 2008)

Agriculture - products

aloes; livestock; fish

Industries

tourism, transshipment facilities

Industrial production growth rate

NA%

Electricity - production

910 million kWh (2008 est.)

Electricity - production by source

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

Electricity - consumption

846.3 million kWh (2008 est.)

Electricity - exports

0 kWh (2009 est.)

Electricity - imports

0 kWh (2009 est.)

Oil - production

2,477 bbl/day (2010 est.)

Oil - consumption

8,000 bbl/day (2010 est.)

Oil - exports

206,400 bbl/day (2009 est.)

Oil - imports

234,000 bbl/day (2009 est.)

Oil - proved reserves

0 bbl (1 January 2011 est.)

Natural gas - production

1 cu m (2009 est.)

Natural gas - consumption

1 cu m (2009 est.)

Natural gas - exports

1 cu m (2009 est.)

Natural gas - imports

1 cu m (2009 est.)

Natural gas - proved reserves

0 cu m (1 January 2011 est.)

Current Account Balance

-$75.1 million (2010 est.)
$157 million (2009 est.)

Exports

$1.589 billion (2010 est.)
note: includes oil reexports

Exports - commodities

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

Exports - partners

Colombia 27.2%, Panama 22.2%, Netherlands Antilles 15.2%, Venezuela 15.1%, US 5.9%, Netherlands 5.1% (2010)

Imports

$2.063 billion (2010 est.)
$1.919 billion (2009 est.)

Imports - commodities

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

Imports - partners

US 50.8%, Netherlands 12%, UK 6.3% (2010)

Reserves of foreign exchange and gold

$725.1 million (31 December 2010 est.)
$701.1 million (31 December 2009 est.)

Debt - external

$478.6 million (2005 est.)

Exchange rates

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