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Aruba Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Aruba Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 23, 2014

Economy - overview:
Tourism and offshore banking are the mainstays of the small open Aruban economy. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. Tourism now accounts for over 80 % of economic activity. Over 1.5 million tourists per year visit Aruba, with 75% of those from the US. The rapid growth of the tourism sector has resulted in a substantial expansion of other activities. Construction continues to boom with hotel capacity five times the 1985 level. Aruba is heavily dependent on imports and is making efforts to expand exports to achieve a more desirable trade balance. Aruba weathered two major shocks in recent years: fallout from the global financial crisis, which had its largest impact on tourism, and the closure of its oil refinery in 2009. Economic recovery is progressing gradually, but output is still 12% below its pre-crisis level. Aruba�??s banking sector withstood the recession well, and unemployment has significantly decreased.

GDP (purchasing power parity):
$2.516 billion (2009 est.)
country comparison to the world: 186

$2.258 billion (2005 est.)
$2.205 billion (2004 est.)
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.516 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.4% (2005 est.)
country comparison to the world: 133
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$25,300 (2011 est.)
country comparison to the world: 59
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.4%
industry: 33.3%
services: 66.3% (2002 est.)

Agriculture - products:
aloes; livestock; fish

Industries:
tourism, transshipment facilities, banking

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Labor force:
51,610
country comparison to the world: 192
note: of the 51,610 workers aged 15 and over in the labor force, 32,252 were born in Aruba and 19,353 came from abroad; foreign workers are 38% of the employed population (2007 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
note: most employment is in wholesale and retail trade, followed by hotels and restaurants

Unemployment rate:
6.9% (2005 est.)
country comparison to the world: 72
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $625.1 million
expenditures: $813.9 million (2013 est.)

Taxes and other revenues:
24.8% of GDP (2013 est.)
country comparison to the world: 132
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.5% of GDP (2013 est.)
country comparison to the world: 189
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67% of GDP (2013)
country comparison to the world: 42

55% of GDP (2012)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-2% (2013 est.)
country comparison to the world: 2

0.6% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1% (31 December 2010 est.)
country comparison to the world: 103

3% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2013 est.)
country comparison to the world: 107

8.4% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.022 billion (31 December 2012 est.)
country comparison to the world: 150

$868.5 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.91 billion (31 December 2012 est.)
country comparison to the world: 153

$1.765 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.594 billion (31 December 2012 est.)
country comparison to the world: 140

$1.448 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Exports:
$2.222 billion (2013 est.)
country comparison to the world: 142

$1.389 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

Exports - partners:
Colombia 39.4%, Venezuela 29.3%, US 13%, Netherlands Antilles 4.1% (2012)

Imports:
$3.162 billion (2013 est.)
country comparison to the world: 146

$2.039 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs

Imports - partners:
US 46.4%, Netherlands 11.5%, UK 5.4% (2012)

Debt - external:
$533.4 million (2005 est.)
country comparison to the world: 173
[see also: Debt - external country ranks ]

Exchange rates:
Aruban guilders/florins per US dollar -

1.79 (2013 est.)
1.79 (2012 est.)


NOTE: 1) The information regarding Aruba on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Aruba Economy 2015 information contained here. All suggestions for corrections of any errors about Aruba Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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