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 country's oil refinery reopened in 1993 providing a major source of employment, foreign exchange earnings, and growth. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. The island experiences only a brief low season. Hotel occupancy in 2004 averaged 80% compared to 68% throughout the rest of the Caribbean. The government has made cutting the budget and trade deficits a high priority.
GDP (purchasing power parity):
$2.258 billion (2005 est.) country comparison to the world: 181 $2.205 billion (2004 est.)
GDP (official exchange rate):
$2.258 billion (2005 est.)
GDP - real growth rate:
2.4% (2005 est.) country comparison to the world: 143
GDP - per capita (PPP):
$21,800 (2004 est.) country comparison to the world: 56
GDP - composition by sector: