Aruba Economy Profile 2007

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.)

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

Natural gas - production

0 cu m (2004 est.)

Natural gas - consumption

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 33.5%, Panama 16.7%, Colombia 11.9%, US 11.3%, Venezuela 10.1%, Netherlands Antilles 9% (2005)

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 55.9%, Netherlands 12.9%, UK 3.8% (2005)

Debt - external

$478.6 million (2005 est.)

Economic aid - recipient

$11.3 million (2004)

Currency (code)

Aruban guilder/florin (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

Public debt

46.3% of GDP (2005)