Economy of Aruba

Mother Earth Travel > Country Index > Aruba Map Economy

Economy - overview: Tourism is the mainstay of the Aruban economy, although offshore banking and oil refining and storage are also important. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Construction has boomed, with hotel capacity five times the 1985 level. In addition, the reopening of the country's oil refinery in 1993, a major source of employment and foreign exchange earnings, has further spurred growth. Aruba's small labor force and less than 1% unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years.
GDP: purchasing power parity - $2 billion (2000 est.)
GDP - real growth rate: 3.5% (2000 est.)
GDP - per capita: purchasing power parity - $28,000 (2000 est.)
Inflation rate (consumer prices): 4.2% (2000 est.)
Labor force: 41,501 (1997 est.)
Labor force - by occupation: most employment is in wholesale and retail trade and repair, followed by hotels and restaurants (1997 est.)
Unemployment rate: 0.6% (1999 est.)
Budget:
revenues: Not available
expenditures: $541 million
Industries: tourism, transshipment facilities, oil refining
Electricity - production: 450 million kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0% (1998)
Electricity - consumption: 418.5 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: aloes; livestock; fish
Exports: $2.2 billion (including oil reexports) (2000 est.)
Exports - commodities: live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners: US 42%, Colombia 20%, Netherlands 12% (1999)
Imports: $2.5 billion (2000 est.)
Imports - commodities: machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners: US 63%, Netherlands 11%, Netherlands Antilles 3%,  Japan  (1999)
Debt - external: $285 million (1996)
Economic aid - recipient: $26 million (1995); note - the Netherlands provided a $127 million aid package to Aruba and Suriname in 1996
Currency: 1 Aruban florin (Af.) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Aruba Map Economy