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.)

Budget
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

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

Imports
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.