Aruba Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery

Real GDP (purchasing power parity)

$4.141 billion (2021 est.)

$3.534 billion (2020 est.)

$4.341 billion (2019 est.)

Real GDP growth rate

17.17% (2021 est.)

-18.59% (2020 est.)

0.64% (2019 est.)

Real GDP per capita

$38,900 (2021 est.)

$33,200 (2020 est.)

$40,800 (2019 est.)

GDP (official exchange rate)

$2.7 billion (2017 est.)

Inflation rate (consumer prices)

4.26% (2019 est.)

3.63% (2018 est.)

-1.03% (2017 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: $793 million (2019 est.)

expenditures: $782 million (2019 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

$79.257 million (2021 est.)

-$316.455 million (2020 est.)

$84.797 million (2019 est.)

Exports

$2.201 billion (2021 est.)

$1.444 billion (2020 est.)

$2.562 billion (2019 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

crude petroleum, cigarettes, whiskies, refined petroleum, scrap iron (2021)

Imports

$1.947 billion (2021 est.) note: data are in current year dollars

$1.644 billion (2020 est.) note: data are in current year dollars

$2.24 billion (2019 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

$1.513 billion (31 December 2021 est.)

$1.213 billion (31 December 2020 est.)

$982.3 million (31 December 2019 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 (2021 est.)

1.79 (2020 est.)

1.79 (2019 est.)

1.79 (2018 est.)

1.79 (2017 est.)

NOTE: The information regarding Aruba on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Aruba 2023 information contained here. All suggestions for corrections of any errors about Aruba 2023 should be addressed to the CIA or the source cited on each page.