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with two narrow, horizontal, yellow stripes across the lower portion and a red, four-pointed star outlined in white in the upper hoist-side corner

      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 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, and 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.)

      GDP (official exchange rate):

      $2.258 billion (2005 est.)

      GDP - real growth rate:

      2.4% (2005 est.)

      GDP - per capita (PPP):

      $21,800 (2004 est.)

      GDP - composition by sector:

      agriculture: 0.4% industry: 33.3% services: 66.3% (2002 est.)

      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.)

      Population below poverty line:

      NA%

      Household income or consumption by percentage share:

      lowest 10%: NA% highest 10%: NA%

      Budget:

      revenues: $507.9 million expenditures: $577.9 million (2005 est.)

      Fiscal year:

      calendar year

      Public debt:

      46.3% of GDP (2005)

      Inflation rate (consumer prices):

      3.4% (2005)

      Central bank discount rate:

      5% (31 December 2007)

      Commercial bank prime lending rate:

      11.01% (31 December 2007)

      Stock of money:

      $640.9 million (31 December 2007)

      Stock of quasi money:

      $792.9 million (31 December 2007)

      Stock of domestic credit:

      $1.348 billion (31 December 2007)

      Agriculture - products:

      aloes; livestock; fish

      Industries:

      tourism, transshipment facilities, oil refining

      Industrial production growth rate:

      NA%

      Electricity - production:

      800 million kWh (2006 est.)

      Electricity - consumption:

      744 million kWh (2006 est.)

      Electricity - exports:

      0 kWh (2007 est.)

      Electricity - imports:

      0 kWh (2007 est.)

      Electricity - production by source:

      fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)

      Oil - production:

      2,356 bbl/day (2007 est.)

      Oil - consumption:

      7,102 bbl/day (2006 est.)

      Oil - exports:

      233,300 bbl/day (2005)

      Oil - imports:

      238,200 bbl/day (2005)

      Oil - proved reserves:

      0 bbl (1 January 2006 est.)

      Natural gas - production:

      0 cu m (2007 est.)

      Natural gas - consumption:

      0 cu m (2007 est.)

      Natural gas - exports:

      0 cu m (2007 est.)

      Natural gas - imports:

      0 cu m (2007 est.)

      Natural gas - proved reserves:

      0 cu m (1 January 2006)

      Exports:

      $124 million f.o.b.; note - includes oil reexports (2006)

      Exports - commodities:

      live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

      Exports - partners:

      Panama 29.7%, Colombia 17%, Netherlands Antilles 13.2%, US 11.3%,

       Venezuela 10.9%, Netherlands 9.2% (2007)

      Imports:

      $1.054 billion f.o.b. (2006)

      Imports - commodities:

      machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs

      Imports - partners:

      US 54.6%, Netherlands 12%, UK 4.7% (2007)

      Economic aid - recipient:

      $11.3 million (2004)

      Debt - external:

      $478.6 million (2005 est.)

      Currency (code):

      Aruban guilder/florin (AWG)

      Currency code:

      AWG

      Exchange rates:

      Aruban guilders/florins (AWG) per US dollar - NA (2007), 1.79 (2006), 1.79 (2005), 1.79 (2004), 1.79 (2003)

      Communications

       Aruba

      Telephones - main lines in use:

      38,700 (2006)

      Telephones - mobile cellular:

      105,700 (2006)

      Telephone system:

      general assessment: modern fully automatic telecommunications system domestic: increased competition through privatization; 3 wireless service providers are now licensed international: country code - 297; landing site for the PAN-AM submarine telecommunications cable system that extends from the US Virgin Islands through Aruba to Venezuela, Colombia, Panama, and the west coast of South America; extensive interisland microwave radio relay links (2007)

      Radio

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