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    Aruba Economy 1998

      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.)

      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

      total value: $1.7 billion (including oil re-exports) (f.o.b., 1996)
      commodities: mostly refined petroleum products
      partners: US 64%, EU

      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

      NOTE: The information regarding Aruba on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Aruba Economy 1998 information contained here. All suggestions for corrections of any errors about Aruba Economy 1998 should be addressed to the CIA.

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    Revised 21-Dec-01
    Copyright © 2001 Photius Coutsoukis (all rights reserved)