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Aruba Economy 1996

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. Additionally, 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.

National product:

GDP - purchasing power parity - $1.1 billion (1993 est.)

National product real growth rate:

5% (1993 est.)

National product per capita:

$17,000 (1993 est.)

Inflation rate (consumer prices):

7% (1994 est.)

Unemployment rate:

0.6% (1992)

Budget:

revenues:

$145 million

expenditures:

$185 million, including capital expenditures of $42 million (1988)

Exports:

$1.3 billion (including oil re-exports) (f.o.b., 1993 est.)

commodities:

mostly refined petroleum products

partners:

US 64%, EC

Imports:

$1.6 billion (f.o.b., 1993 est.)

commodities:

food, consumer goods, manufactures, petroleum products, crude oil for refining and re-export

partners:

US 8%, EC

External debt:

$81 million (1987)

Industrial production:

growth rate NA%

Electricity:

capacity:

90,000 kW

production:

330 million kWh

consumption per capita:

4,761 kWh (1993)

Industries:

tourism, transshipment facilities, oil refining

Agriculture:

poor quality soils and low rainfall limit agricultural activity to the cultivation of aloes, some livestock, and fishing

Illicit drugs:

drug money laundering center and transit point for narcotics bound for the US and Europe

Economic aid:

recipient:

Western (non-US) countries ODA and OOF bilateral commitments (1980-89), $220 million

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

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