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Economy 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.

Agriculture Products

aloes; livestock; fish

Industries

tourism, petroleum transshipment facilities, banking

Industrial Production Growth Rate

NA

Labor Force

51,610 (2007 est.)

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

NA

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

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

Public Debt

0: 86% of GDP (2017 est.)

1: 84.7% of GDP (2016 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $921.8 million (31 December 2017 est.)

1: $828 million (31 December 2015 est.)

Debt External

0: $693.2 million (31 December 2014 est.)

1: $666.4 million (31 December 2013 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: Aruban guilders/florins per US dollar -

1: 1.79 (2017 est.)

2: 1.79 (2016 est.)

3: 1.79 (2015 est.)

4: 1.79 (2014 est.)

5: 1.79 (2013 est.)

Year

Taxes and Other Revenues

  • 25.2% (of GDP) (2017 est.)

Fiscal Year

  • calendar year

Real GDP

  •  
    $4.158 billion
  • 1
    $4.05 billion
  • 2
    $4.107 billion

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

  •  
    $37,500 (2017 est.)
  • 1
    $38,442 (2017 est.)
  • 2
    $37,300 (2016 est.)

Inflation Rate

  •  
    -0.5% (2017 est.)
  • 1
    -0.9% (2016 est.)

Credit Ratings

  • Fitch rating
    BB (2020)
  • Standard & Poors rating
    BBB+ (2013)

Gross National Saving

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.)

GDP Composition by Sector of Origin

  • Agriculture
    0.4% (2002 est.)
  • Industry
    33.3% (2002 est.)
  • Services
    66.3% (2002 est.)

Inflation Rate Consumer Prices

Current Account Balance

  • 0
    $22 million (2017
  • 1
    $133 million (2016

Exports

  • 0
    $1.45 billion (2020
  • 1
    $2.56 billion (2019
  • 2
    $2.56 billion (2018
  • Note
    Data are in

Exports Partners

  • Malaysia
    57%
  • United
    States
  • Netherlands
    6%
  • Jordan
    6%
  • Venezuela
    5%

Exports Commodities

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

Imports

  • $1.67 billion 2020 est. note
    data are in
  • $2.24 billion 2019 est. note
    data are in
  • $2.27 billion 2018 est. note
    data are in

Imports Partners

  • United
    States
  • Netherlands
    16%

Imports Commodities

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