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. 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.)country comparison to the world: 188
Electricity production
850 million kWh (2007 est.)country comparison to the world: 148
Electricity Consumption
790.5 million kWh (2007 est.)country comparison to the world: 149
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
0 kWh (2008 est.)
Unemployment Rate
6.9% (2005 est.)country comparison to the world: 86
Population Below Poverty Line
NA%
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)country comparison to the world: 42
Central Bank Discount Rate
5% (31 December 2008)country comparison to the world: 91 5% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Domestic Credit
$1.321 billion (31 December 2008)country comparison to the world: 102 $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.)country comparison to the world: 165
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)
