Economy Overview
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. Over 1.5 million tourists per year visit Aruba, with 75% of those from the US. Construction continues to boom, with hotel capacity five times the 1985 level. In addition, the country's oil refinery reopened in 1993, providing a major source of employment, foreign exchange earnings, and growth. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. The island experiences only a brief low season, and hotel occupancy in 2004 averaged 80%, compared to 68% throughout the rest of the Caribbean. The government has made cutting the budget and trade deficits a high priority.
Agriculture Products
aloes; livestock; fish
Industries
tourism, transshipment facilities, oil refining
Industrial Production Growth Rate
NA%
Labor Force
41,500 (2004 est.)
Electricity production
800 million kWh (2006 est.)
Electricity Consumption
744 million kWh (2006 est.)
Electricity Exports
0 kWh (2007 est.)
Electricity Imports
0 kWh (2007 est.)
Unemployment Rate
6.9% (2005 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $507.9 million
Expenditures: $577.9 million (2005 est.)
Public Debt
46.3% of GDP (2005)
Central Bank Discount Rate
5% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$1.348 billion (31 December 2007)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$478.6 million (2005 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Aruban guilders/florins (AWG) per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)
