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.); 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; country comparison to the world: 191;
Unemployment Rate
7.7% (2016 est.); country comparison to the world: 113;
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.)
Public Debt
86% of GDP (2017 est.); 84.7% of GDP (2016 est.); country comparison to the world: 31;
Central Bank Discount Rate
1% (31 December 2010); 3% (31 December 2009); country comparison to the world: 132;
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$0 (31 December 2017 est.); $1.257 billion (31 December 2016 est.); country comparison to the world: 194;
Stock of Broad Money
$0 (31 December 2017 est.); $1.257 billion (31 December 2016 est.); country comparison to the world: 197;
Stock of Domestic Credit
$1.848 billion (31 December 2017 est.); $1.848 billion (31 December 2016 est.); country comparison to the world: 156;
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$921.8 million (31 December 2017 est.); $828 million (31 December 2015 est.); country comparison to the world: 134;
Debt External
$693.2 million (31 December 2014 est.); $666.4 million (31 December 2013 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 (2017 est.); 1.79 (2016 est.); 1.79 (2015 est.); 1.79 (2014 est.); 1.79 (2013 est.);
