Economy Of Aruba - Aruba Information

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Economy Of Aruba
Aruba Information - Country Guides

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
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	3.2% (2002 est.)
Labor force	41,500 (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% (2003 est.)
Budget	revenues: $135.8 million expenditures: $147 million, including capital expenditures of na (2000)
Public debt
Agriculture products	aloes; livestock; fish
Industries	tourism, transshipment facilities, oil refining
Industrial production growth rate	NA (2002 est.)
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)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$128 million 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 33.7%, Colombia 12%, Netherlands Antilles 12%, Panama 12%, Venezuela 10.8%, US 9.6% (2003)
Imports	$841 million f.o.b. (2002 est.)
Imports commodities	machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
Imports partners	US 55.3%, Netherlands 13%, Netherlands Antilles 3.1% (2003)
Reserves of foreign exchange gold
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 (2003), 1.79 (2002), 1.79 (2001), 1.79 (2000), 1.79 (1999)
Fiscal year	calendar year

Aruban Flag Map Of Aruba

Economy Of ArubaAruba Information - Country Guides

Economy Of Aruba
Aruba Information - Country Guides