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Aruba: Economy

Economy Aruba
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. 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 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.
GDP:
purchasing power parity - $1.94 billion (2002 est.)
GDP - real growth rate:
-1.5% (2002 est.)
GDP - per capita:
purchasing power parity - $28,000 (2002 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.2% (2002 est.)
Labor force:
41,501 (1997 est.)
Labor force - by occupation:
most employment is in wholesale and retail trade and repair, followed by hotels and restaurants; oil refining
Unemployment rate:
0.6%
Budget:
revenues: $135.81 million
expenditures: $147 million, including capital expenditures of $NA (2000)
Industries:
tourism, transshipment facilities, oil refining
Industrial production growth rate:
NA
Electricity - production:
531.9 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
494.7 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
6,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
aloes; livestock; fish
Exports:
$1.88 billion f.o.b. (including oil reexports) (2002 est.)
Exports - commodities:
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners:
Netherlands 28.6%, Colombia 21.7%, Panama 16.8%, US 12.1%, Netherlands Antilles 8.3%, Venezuela 7.6% (2002)
Imports:
$2.21 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports - partners:
US 54.7%, Netherlands 12.7%, UK 5.7% (2002)
Debt - external:
$285 million (1996)
Economic aid - recipient:
$26 million (1995); note - the Netherlands provided a $127 million aid package to Aruba and Suriname in 1996
Currency:
Aruban guilder/florin (AWG)
Currency code:
AWG
Exchange rates:
Aruban guilders/florins per US dollar - 1.79 (2002), 1.79 (2001), 1.79 (2000), 1.79 (1999), 1.79 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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