Economy Of Aruba
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Economy overview
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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. Construction has boomed, 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. Aruba's small labor force and low unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years. Tourist arrivals have declined in the aftermath of the 11 September 2001 terrorist attacks on the US. The government now must deal with a budget deficit and a negative trade balance.
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GDP
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purchasing power parity - $1.94 billion (2002 est.)
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GDP - real growth rate
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-1.5% (2002 est.)
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GDP - per capita
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purchasing power parity - $28,000 (2002 est.)
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GDP - composition by sector
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agriculture: NA
industry: NA
services: NA
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Investment gross fixed
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3.2% (2002 est.)
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Labor force
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41,500 (1997 est.)
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Labor force by occupation
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most employment is in wholesale and retail trade and repair, followed by hotels and restaurants; oil refining
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Unemployment rate
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0.6% (2003 est.)
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Budget
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revenues: $135.8 million
expenditures: $147 million, including capital expenditures of NA (2000)
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Public debt
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Agriculture products
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aloes; livestock; fish
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Industries
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tourism, transshipment facilities, oil refining
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Industrial production growth rate
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NA (2002 est.)
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Electricity production
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531.9 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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494.7 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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6,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$128 million f.o.b. (including oil reexports) (2002 est.)
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Exports commodities
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live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
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Exports partners
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Netherlands 33.7%, Colombia 12%, Netherlands Antilles 12%, Panama 12%, Venezuela 10.8%, US 9.6% (2003)
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Imports
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$841 million f.o.b. (2002 est.)
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Imports commodities
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machinery and electrical equipment, crude oil for refining and reexport, chemicals; foodstuffs
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Imports partners
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US 55.3%, Netherlands 13%, Netherlands Antilles 3.1% (2003)
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Reserves of foreign exchange gold
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Debt external
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$285 million (1996)
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Economic aid recipient
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$26 million (1995); note - the Netherlands provided a $127 million aid package to Aruba and Suriname in 1996
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Currency
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Aruban guilder/florin (AWG)
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Currency code
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AWG
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Exchange rates
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Aruban guilders/florins per US dollar - 1.79 (2003), 1.79 (2002), 1.79 (2001), 1.79 (2000), 1.79 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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