Tourism is the mainstay of the small, open Aruban economy, with offshore banking and oil refining and storage also important. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Construction has boomed, with hotel capacity five times the 1985 level. In addition, the reopening of the country's oil refinery in 1993, a major source of employment and foreign exchange earnings, has further spurred growth. Aruba's small labor force and exceptionally low unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years. Tourist arrivals have declined in the aftermath of the 11 September 2001 terrorist attacks on the US. The government now must deal with a budget deficit and a negative trade balance.
Agriculture Products
aloes; livestock; fish
Industries
tourism, transshipment facilities, oil refining
Industrial Production Growth Rate
NA%
Labor Force
41,500 (1997 est.)
Electricity production
807.7 million kWh (2002)
Electricity Consumption
751.2 million kWh (2002)
Electricity Exports
0 kWh (2002)
Electricity Imports
0 kWh (2002)
Unemployment Rate
0.6% (2003 est.)
Population Below Poverty Line
NA
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: $135.8 million
Expenditures: $147 million, including capital expenditures of NA (2000)
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
Debt External
$285 million (1996)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Aruban guilders/florins per US dollar - 1.79 (2004), 1.79 (2003), 1.79 (2002), 1.79 (2001), 1.79 (2000)
