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Aruba Economy 2017
https://theodora.com/wfbcurrent/aruba/aruba_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Aruba Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy.Tourist arrivals have rebounded strongly following a dip after the 2008 global financial crisis. Tourism now accounts for a majority of economic activity. Over 1 million tourists per year visit Aruba, with the large majority 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 with hotel capacity five times the 1985 level.Aruba is heavily dependent on imports and is making efforts to expand exports to achieve a more desirable trade balance. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers.Aruba weathered two major shocks in recent years: fallout from the global financial crisis, which had its largest impact on tourism, and the closure of its oil refinery in 2009. However, tourism and related industries have continued to grow, and the Aruban government is working to attract more diverse industries. Aruba's banking sector withstood the recession well, and unemployment has significantly decreased.

GDP (purchasing power parity):
$2.516 billion (2009 est.) $2.258 billion (2005 est.) $2.205 billion (2004 est.)
country comparison to the world: 191
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.516 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.4% (2005 est.)
country comparison to the world: 121
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$25,300 (2011 est.)
country comparison to the world: 77
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 60.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 26.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 70.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -79% (2014 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 66.3% (2002 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
aloes; livestock; fish

Industries:
tourism, petroleum transshipment facilities, banking

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
51,610
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 (2007 est.)
country comparison to the world: 191
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA%
[see also: Labor force - by occupation - services country ranks ]
note: most employment is in wholesale and retail trade, followed by hotels and restaurants

Unemployment rate:
6.9% (2005 est.)
country comparison to the world: 81
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $696.5 million
[see also: Budget revenues country ranks ]
expenditures: $751.8 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
27.7% of GDP (2016 est.)
country comparison to the world: 93
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.2% of GDP (2016 est.)
country comparison to the world: 73
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67% of GDP (2013) 55% of GDP (2012)
country comparison to the world: 50
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.8% (2016 est.) 0.5% (2015 est.)
country comparison to the world: 7
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1% (31 December 2010) 3% (31 December 2009)
country comparison to the world: 123
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9% (31 December 2016 est.) 8.25% (31 December 2015 est.)
country comparison to the world: 94
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.151 billion (31 December 2015 est.)
country comparison to the world: 151
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.126 billion (31 December 2015 est.) $1.942 billion (31 December 2014 est.)
country comparison to the world: 152
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.768 billion (31 December 2015 est.) $1.768 billion (31 December 2015 est.)
country comparison to the world: 144
[see also: Stock of domestic credit country ranks ]

Exports:
$299.9 million (2016 est.) $333.2 million (2015 est.)
country comparison to the world: 182
[see also: Exports country ranks ]

Exports - commodities:
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

Exports - partners:
Colombia 28.2%, Netherlands Antilles 18.1%, US 14.3%, Netherlands 10.1%, Mexico 6.5%, Venezuela 6.3%, Panama 4.1% (2015)

Imports:
$1.294 billion (2016 est.) $1.269 billion (2015 est.)
country comparison to the world: 174
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, refined oil for bunkering and reexport, chemicals; foodstuffs

Imports - partners:
US 55.4%, Netherlands 11.2% (2015)

Debt - external:
$693.2 million (31 December 2014 est.) $666.4 million (31 December 2013 est.)
country comparison to the world: 173
[see also: Debt - external country ranks ]

Exchange rates:
Aruban guilders/florins per US dollar - 1.79 (2016 est.) 1.79 (2015 est.) 1.79 (2014 est.) 1.79 (2013 est.) 1.79 (2012 est.)


NOTE: The information regarding Aruba on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Aruba Economy 2017 information contained here. All suggestions for corrections of any errors about Aruba Economy 2017 should be addressed to the CIA.




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