Economy - overviewTourism 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.) GDP (official exchange rate)$2.258 billion (2005 est.) GDP - real growth rate2.4% (2005 est.) GDP - per capita (PPP)$21,800 (2004 est.) GDP - composition by sectoragriculture: 0.4% Population below poverty lineNA% Labor force41,500 (2004 est.) Labor force - by occupationagriculture: NA% Unemployment rate6.9% (2005 est.) Unemployment, youth ages 15-24total: 23.2% Household income or consumption by percentage sharelowest 10%: NA% Investment (gross fixed)NA% Budgetrevenues: $650.4 million Taxes and other revenues28.8% of GDP (2010 est.) Budget surplus (+) or deficit (-)-1.9% of GDP (2010 est.) Public debt46.3% of GDP (2005) Inflation rate (consumer prices)2.1% (2010 est.) Central bank discount rate1% (31 December 2010 est.) Commercial bank prime lending rate10.3% (31 December 2010 est.) Stock of narrow money$762.8 million (31 December 2009) Stock of money$781 million (31 December 2008) Stock of quasi money$890.3 million (31 December 2008) Stock of broad money$1.753 billion (31 December 2009 est.) Stock of domestic credit$1.412 billion (31 December 2009 est.) Agriculture - productsaloes; livestock; fish Industriestourism, transshipment facilities Industrial production growth rateNA% Electricity - production910 million kWh (2008 est.) Electricity - production by sourcefossil fuel: 100% Electricity - consumption846.3 million kWh (2008 est.) Electricity - exports0 kWh (2009 est.) Electricity - imports0 kWh (2009 est.) Oil - production2,477 bbl/day (2010 est.) Oil - consumption8,000 bbl/day (2010 est.) Oil - exports206,400 bbl/day (2009 est.) Oil - imports234,000 bbl/day (2009 est.) Oil - proved reserves0 bbl (1 January 2011 est.) Natural gas - production1 cu m (2009 est.) Natural gas - consumption1 cu m (2009 est.) Natural gas - exports1 cu m (2009 est.) Natural gas - imports1 cu m (2009 est.) Natural gas - proved reserves0 cu m (1 January 2011 est.) Current Account Balance-$75.1 million (2010 est.) Exports$1.589 billion (2010 est.) Exports - commoditieslive animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment Exports - partnersColombia 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.) Imports - commoditiesmachinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs Imports - partnersUS 50.8%, Netherlands 12%, UK 6.3% (2010) Reserves of foreign exchange and gold$725.1 million (31 December 2010 est.) Debt - external$478.6 million (2005 est.) Exchange ratesAruban guilders/florins (AWG) per US dollar - |
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Source: CIA World Factbook | |