Economy Overview
Tourism and offshore banking are the mainstays of the small open Aruban economy. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. Tourism now accounts for over 80 % of economic activity. Over 1.5 million tourists per year visit Aruba, with 75% 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 with hotel capacity five times the 1985 level. Aruba is heavily dependent on imports and is making efforts to expand exports to achieve a more desirable trade balance. Aruba weathered two major shocks in recent years: fallout from the global financial crisis, which had its largest impact on tourism, and the closure of its oil refinery in 2009. Economic recovery is progressing gradually, but output is still 12% below its pre-crisis level. Aruba’s banking sector withstood the recession well, and unemployment has significantly decreased.
Agriculture Products
aloes, livestock; fish
Industries
tourism, transshipment facilities, banking
Industrial Production Growth Rate
NA%
Labor Force
51,610 country comparison to the world: 192 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 (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
6.9% (2005 est.) country comparison to the world: 72
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
lowest 10%: NA%
highest 10%: NA%
Budget
revenues: $625.1 million
expenditures: $813.9 million (2013 est.)
Public Debt
67% of GDP (2013) country comparison to the world: 42 55% of GDP (2012)
Central Bank Discount Rate
1% (31 December 2010 est.) country comparison to the world: 103 3% (31 December 2009 est.)
Commercial Bank Prime Lending Rate
10.5% (31 December 2013 est.) country comparison to the world: 107 8.4% (31 December 2012 est.)
Stock of Narrow Money
$1.022 billion (31 December 2012 est.) country comparison to the world: 150 $868.5 million (31 December 2011 est.)
Stock of Broad Money
$1.91 billion (31 December 2012 est.) country comparison to the world: 153 $1.765 billion (31 December 2011 est.)
Stock of Domestic Credit
$1.594 billion (31 December 2012 est.) country comparison to the world: 140 $1.448 billion (31 December 2011 est.)
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$533.4 million (2005 est.) country comparison to the world: 173
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Aruban guilders/florins per US dollar -1.79 (2013 est.) 1.79 (2012 est.)
