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Aruba Economy Profile 2019

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Economy - overview

Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy.

Tourism accounts for a majority of economic activity; as of 2017, over 2 million tourists visited Aruba annually, with the large majority (80-85%) 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, especially in the hospitality sector.

Aruba is heavily dependent on imports and is making efforts to expand exports to improve its trade balance. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers.

In 2016, Citgo Petroleum Corporation, an indirect wholly owned subsidiary of Petroleos de Venezuela SA, and the Government of Aruba signed an agreement to restart Valero Energy Corp.'s former 235,000-b/d refinery. Tourism and related industries have continued to grow, and the Aruban Government is working to attract more diverse industries. Aruba's banking sector continues to be a strong sector; unemployment has significantly decreased.

GDP (purchasing power parity)
$4.158 billion (2017 est.)
$4.107 billion (2016 est.)
$4.112 billion (2015 est.)
GDP (official exchange rate)
$2.7 billion (2009 est.) (2017 est.)
GDP - real growth rate
1.2% (2017 est.)
-0.1% (2016 est.)
-0.4% (2015 est.)
GDP - per capita (PPP)
$37,500 (2017 est.)
$37,300 (2016 est.)
$37,700 (2015 est.)
Gross national saving
17% of GDP (2017 est.)
17.2% of GDP (2016 est.)
15.5% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 60.3% (2014 est.)
government consumption: 25.3% (2015 est.)
investment in fixed capital: 22.3% (2014 est.)
investment in inventories: 0% (2015 est.)
exports of goods and services: 70.5% (2015 est.)
imports of goods and services: -76.6% (2015 est.)
GDP - composition by sector
agriculture: 0.4% (2002 est.)
industry: 33.3% (2002 est.)
services: 66.3% (2002 est.)
Population below poverty line
NA
Labor force
51,610 (2007 est.)

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

Labor force - by occupation
agriculture: NA
industry: NA
services: NA

note: most employment is in wholesale and retail trade, followed by hotels and restaurants

Unemployment rate
7.7% (2016 est.)
Unemployment, youth ages 15-24
total: 28.9%
male: 29.9%
female: 27.5% (2010 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Budget
revenues: 681.6 million (2017 est.)
expenditures: 755.5 million (2017 est.)
Taxes and other revenues
25.2% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-2.7% (of GDP) (2017 est.)
Public debt
86% of GDP (2017 est.)
84.7% of GDP (2016 est.)
Inflation rate (consumer prices)
-0.5% (2017 est.)
-0.9% (2016 est.)
Central bank discount rate
1% (31 December 2010)
3% (31 December 2009)
Commercial bank prime lending rate
7% (31 December 2017 est.)
7.83% (31 December 2016 est.)
Stock of narrow money
$0 (31 December 2017 est.)
$1.257 billion (31 December 2016 est.)
Stock of broad money
$0 (31 December 2017 est.)
$1.257 billion (31 December 2016 est.)
Stock of domestic credit
$1.848 billion (31 December 2017 est.)
$1.848 billion (31 December 2016 est.)
Agriculture - products
aloes; livestock; fish
Industries
tourism, petroleum transshipment facilities, banking
Industrial production growth rate
NA
Current Account Balance
$22 million (2017 est.)
$133 million (2016 est.)
Exports
$137.1 million (2017 est.)
$283.1 million (2016 est.)
Exports - commodities
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners
US 20.2%, Colombia 17.6%, Venezuela 13%, Netherlands 9.1%, Thailand 8.4%, Panama 4.8% (2017)
Imports
$1.122 billion (2017 est.)
$1.142 billion (2016 est.)
Imports - commodities
machinery and electrical equipment, refined oil for bunkering and reexport, chemicals; foodstuffs
Imports - partners
US 53.7%, Netherlands 13.1% (2017)
Reserves of foreign exchange and gold
$921.8 million (31 December 2017 est.)
$828 million (31 December 2015 est.)
Debt - external
$693.2 million (31 December 2014 est.)
$666.4 million (31 December 2013 est.)
Exchange rates
Aruban guilders/florins per US dollar -
1.79 (2017 est.)
1.79 (2016 est.)
1.79 (2015 est.)
1.79 (2014 est.)
1.79 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019