|
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. The government's goal of balancing the budget within two years
will hamper expenditures, as will the decline in stopover tourist arrivals
following the 11 September terrorist attacks. |
|
GDP:
|
purchasing power parity -
$1.94 billion (2000 est.) |
|
GDP - real growth rate:
|
3% (2000)
|
|
GDP - per capita:
|
purchasing power parity -
$28,000 |
|
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):
|
4% (2000)
|
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Labor force:
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41,501
|
|
Labor force - by occupation:
|
most employment is in
wholesale and retail trade and repair, followed by hotels and restaurants;
oil refining |
|
Unemployment rate:
|
1%
|
|
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:
|
450 million kWh (2000)
|
|
Electricity - production by source:
|
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0% |
|
Electricity - consumption:
|
418.5 million kWh (2000)
|
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Electricity - exports:
|
0 kWh (2000)
|
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Electricity - imports:
|
0 kWh (2000)
|
|
Agriculture - products:
|
aloes; livestock; fish
|
|
Exports:
|
$2.58 billion (including oil
reexports) (f.o.b., 2000) |
|
Exports - commodities:
|
live animals and animal
products, art and collectibles, machinery and electrical equipment,
transport equipment |
|
Exports - partners:
|
US 42%, Colombia 30%,
Netherlands 12% (1999) |
|
Imports:
|
$2.61 billion (f.o.b., 2000)
|
|
Imports - commodities:
|
machinery and electrical
equipment, crude oil for refining and reexport, chemicals; foodstuffs |
|
Imports - partners:
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US 63%, Netherlands 11%,
Netherlands Antilles 3%, Japan (1999) |
|
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 - 1.7900 (fixed rate since 1986) |
|
Fiscal year:
|
calendar year
|
