Economy in Aruba

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Economy—overview: Tourism is the mainstay of the Aruban economy although offshore banking and oil refining and storage are 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 less than 1% unemployment rate have led to a large number of unfilled job vacancies despite sharp rises in wage rates in recent years.

GDP: purchasing power parity—$1.4 billion (1996 est.)

GDP—real growth rate: 4% (1996 est.)

GDP—per capita: purchasing power parity—$21 000 (1996 est.)

GDP—composition by sector:

agriculture: NA%

industry: NA%

services: NA%

Inflation rate—consumer price index: 3.2% (1996)

Labor force: NA

by occupation: most employment is in the tourist industry (1996)

Unemployment rate: 0.6% (1996 est.)

Budget:

revenues: $376 million

expenditures: $409 million including capital expenditures of $107 million (1997 est.)

Industries: tourism transshipment facilities oil refining

Industrial production growth rate: NA%

Electricity—capacity: 90 000 kW (1995)

Electricity—production: 340 million kWh (1995)

Electricity—consumption per capita: 5 154 kWh (1995)

Agriculture—products: aloes; livestock; fishing

Exports:

total value: $1.7 billion (including oil re-exports) (f.o.b. 1996)

commodities: mostly refined petroleum products

partners: US 64% EU

Imports:

total value: $2 billion (f.o.b. 1996)

commodities: food consumer goods manufactures petroleum products crude oil for refining and reexport

partners: US 8% EU

Debt—external: $669 million (December 1995)

Economic aid: the Netherlands provided a 1996 aid package of $224 million to Aruba the Netherlands Antilles and Suriname

Currency: 1 Aruban florin (Af.) = 100 cents

Exchange rates: Aruban florins (Af.) per US$1—1.7900 (fixed rate since 1986)

Fiscal year: calendar year

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