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Aruba (part of the Kingdom of the Netherlands) Economy

    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—$1.5 billion (1997 est.)

    GDP—real growth rate: 6% (1997)

    GDP—per capita: purchasing power parity—$22,000 (1997 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% (1997)

    Labor force: NA

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

    Unemployment rate: 0.6% (1996 est.)

    Budget:
    revenues: $345.3 million
    expenditures: $378.5 million, including capital expenditures of $107 million (1997 est.)

    Industries: tourism, transshipment facilities, oil refining

    Industrial production growth rate: NA%

    Electricity—production: 470 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 470 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: aloes; livestock; fish

    Exports: $1.73 billion (including oil reexports)(1997)

    Exports—commodities: mostly refined petroleum products

    Exports—partners: US 64%, EU

    Imports: $2.12 billion (1997)

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

    Imports—partners: US 55.5%, Netherlands 12.3%, Japan 3.5%

    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: 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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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)