Aruba Economy 1997

Economy - overview Tourism is the mainstay of the Aruban economy, although offshore bankingand oil refining and storage are also important. The rapid growth of the tourismsector over the last decade has resulted in a substantial expansion of otheractivities. Construction has boomed, with hotel capacity five times the 1985level. In addition, the reopening of the country's oil refinery in 1993, amajor source of employment and foreign exchange earnings, has further spurredgrowth. Aruba's small labor force and less than 1% unemployment rate haveled to a large number of unfilled job vacancies despite sharp rises in wagerates in recent years.

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

GDP - real growth rate 5% (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 3.5% (1996)

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

Unemployment rate 0.5% (1994)

Budget
revenues: $145 million
expenditures : $185 million, including capital expenditures of $42 million (1988)

Industries tourism, transshipment facilities, oil refining

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

Agriculture - products aloes; livestock; fishing

Exports
total value: $1.3 billion (including oil re-exports) (f.o.b., 1995)
commodities: mostly refined petroleum products
partners: US 64%, EU

Imports
total value: $1.8 billion (f.o.b., 1995)
commodities: food, consumer goods, manufactures, petroleum products, crude oil forrefining 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

NOTE: The information regarding Aruba on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Aruba Economy 1997 information contained here. All suggestions for corrections of any errors about Aruba Economy 1997 should be addressed to the CIA.