Economy Aruba
Economy - overview:
Tourism is the mainstay of the small, open Aruban economy, with
offshore banking and oil refining and storage also important. The
rapid growth of the tourism sector over the last decade has resulted
in a substantial expansion of other activities. Over 1.5 million
tourists per year visit Aruba, with 75% of those from the US.
Construction continues to boom, 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. Tourist arrivals have rebounded strongly
following a dip after the 11 September 2001 attacks. The island
experiences only a brief low season, and hotel occupancy in 2004
averaged 80%, compared to 68% throughout the rest of the Caribbean.
The newly re-elected government has made cutting the budget and
trade deficits a high priority.
GDP (purchasing power parity):
$2.258 billion (2005 est.)
GDP (official exchange rate):
$2.258 billion
GDP - real growth rate:
2.4% (2005 est.)
GDP - per capita (PPP):
$21,800 (2004 est.)
GDP - composition by sector: agriculture: 0.4% NA% industry: 33.3% NA% services: 66.3% NA%
Labor force: 41,500 (2004 est.)
Labor force - by occupation: agriculture: NA% industry: NA% services: NA% note: most employment is in wholesale and retail trade and repair, followed by hotels and restaurants; oil refining
Unemployment rate:
6.9% (2005 est.)