Aruba Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$4.158 billion (2017 est.)

$4.05 billion (2017 est.)

$4.107 billion (2016 est.)

Real GDP growth rate

1.2% (2017 est.)

-0.1% (2016 est.)

-0.4% (2015 est.)

Real GDP per capita

$37,500 (2017 est.)

$38,442 (2017 est.)

$37,300 (2016 est.)

GDP (official exchange rate)

$2.7 billion (2017 est.)

Inflation rate (consumer prices)

-0.5% (2017 est.)

-0.9% (2016 est.)

Credit ratings

Fitch rating: BB (2020)

Standard & Poors rating: BBB+ (2013)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.4% (2002 est.)

industry: 33.3% (2002 est.)

services: 66.3% (2002 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.)

Agricultural products

aloes; livestock; fish

Industries

tourism, petroleum transshipment facilities, banking

Industrial production growth rate

N/A

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.)

Population below poverty line

N/A

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.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

Public debt

86% of GDP (2017 est.)

84.7% of GDP (2016 est.)

Taxes and other revenues

25.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$22 million (2017 est.)

$133 million (2016 est.)

Exports

$1.45 billion (2020 est.)

$2.56 billion (2019 est.)

$2.56 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Malaysia 57%, United States 11%, Netherlands 6%, Jordan 6%, Venezuela 5% (2019)

Exports - commodities

refined petroleum, liquors, scrap iron, soap, tobacco (2019)

Imports

$1.67 billion (2020 est.) note: data are in current year dollars

$2.24 billion (2019 est.) note: data are in current year dollars

$2.27 billion (2018 est.) note: data are in current year dollars

Imports - partners

United States 48%, Netherlands 16% (2019)

Imports - commodities

refined petroleum, jewelry, cars, vehicle parts, tobacco products (2019)

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.)

NOTE: The information regarding Aruba on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Aruba 2022 information contained here. All suggestions for corrections of any errors about Aruba 2022 should be addressed to the CIA or the source cited on each page.