Aruba Economy - 2024

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

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

Remittances

1.15% of GDP (2021 est.)
1.34% of GDP (2020 est.)
1.02% of GDP (2019 est.)

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 -

Exchange rates:
1.79 (2021 est.)
1.79 (2020 est.)
1.79 (2019 est.)
1.79 (2018 est.)
1.79 (2017 est.)