| Economy - overview | Tourism, petroleum bunkering, hospitality, and financial and business services are the mainstays of the small open Aruban economy. Tourism accounts for a majority of economic activity; as of 2017, over 2 million tourists visited Aruba annually, with the large majority (80-85%) of those from the US. The rapid growth of the tourism sector has resulted in a substantial expansion of other activities. Construction continues to boom, especially in the hospitality sector. Aruba is heavily dependent on imports and is making efforts to expand exports to improve its trade balance. Almost all consumer and capital goods are imported, with the US, the Netherlands, and Panama being the major suppliers. In 2016, Citgo Petroleum Corporation, an indirect wholly owned subsidiary of Petroleos de Venezuela SA, and the Government of Aruba signed an agreement to restart Valero Energy Corp.'s former 235,000-b/d refinery. Tourism and related industries have continued to grow, and the Aruban Government is working to attract more diverse industries. Aruba's banking sector continues to be a strong sector; unemployment has significantly decreased. |
| GDP (purchasing power parity) | $4.158 billion (2017 est.) $4.05 billion (2017 est.) $4.107 billion (2016 est.) |
| GDP (official exchange rate) | $2.7 billion (2017 est.) |
| GDP - real growth rate | 1.2% (2017 est.) -0.1% (2016 est.) -0.4% (2015 est.) |
| GDP - per capita (PPP) | $37,500 (2017 est.) $38,442 (2017 est.) $37,300 (2016 est.) |
| Gross national saving | 14.7% of GDP (2017 est.) 17.2% of GDP (2016 est.) 15.5% of GDP (2015 est.) |
| GDP - composition, by end use | household consumption: 60.3% (2014 est.) government consumption: 25.3% (2015 est.) investment in fixed capital: 22.3% (2014 est.) investment in inventories: 0% (2015 est.) exports of goods and services: 70.5% (2015 est.) imports of goods and services: -76.6% (2015 est.) |
| GDP - composition by sector | agriculture: 0.4% (2002 est.) industry: 33.3% (2002 est.) services: 66.3% (2002 est.) |
| Population below poverty line | NA |
| Labor force | 51,610 (2007 est.) note: of the 51,610 workers aged 15 and over in the labor force, 32,252 were born in Aruba and 19,353 came from abroad; foreign workers are 38% of the employed population |
| Labor force - by occupation | agriculture: NA industry: NA services: NA note: most employment is in wholesale and retail trade, followed by hotels and restaurants |
| Unemployment rate | 7.7% (2016 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 681.6 million (2017 est.) expenditures: 755.5 million (2017 est.) |
| Taxes and other revenues | 25.2% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -2.7% (of GDP) (2017 est.) |
| Public debt | 86% of GDP (2017 est.) 84.7% of GDP (2016 est.) |
| Inflation rate (consumer prices) | -0.5% (2017 est.) -0.9% (2016 est.) |
| Credit ratings | Fitch rating: BB (2020) Standard & Poors rating: BBB+ (2013) |
| Agriculture - products | aloes; livestock; fish |
| Industries | tourism, petroleum transshipment facilities, banking |
| Industrial production growth rate | NA |
| Current Account Balance | $22 million (2017 est.) $133 million (2016 est.) |
| Exports | $137.1 million (2017 est.) $283.1 million (2016 est.) |
| Exports - commodities | refined petroleum, liquors, scrap iron, soap, tobacco (2019) |
| Exports - partners | Malaysia 57%, United States 11%, Netherlands 6%, Jordan 6%, Venezuela 5% (2019) |
| Imports | $1.122 billion (2017 est.) $1.142 billion (2016 est.) |
| Imports - commodities | refined petroleum, jewelry, cars, vehicle parts, tobacco products (2019) |
| Imports - partners | United States 48%, Netherlands 16% (2019) |
| Reserves of foreign exchange and gold | $921.8 million (31 December 2017 est.) $828 million (31 December 2015 est.) |
| Debt - external | $693.2 million (31 December 2014 est.) $666.4 million (31 December 2013 est.) |
| Exchange rates | Aruban guilders/florins per US dollar - 1.79 (2017 est.) 1.79 (2016 est.) 1.79 (2015 est.) 1.79 (2014 est.) 1.79 (2013 est.) |
| Fiscal year | calendar year |
Source: CIA World Factbook
This page was last updated on September 18, 2021
