Economy of Aruba

Economy of Aruba
Centre of Oranjestad in 2011.
CurrencyAruban florin (AWG)
1 US$ = 1.79 AWG (2014)
Calendar year
Statistics
GDP
  • Increase $3.369 billion (nominal, 2019 est.)[1]
  • Increase $4.377 billion (PPP, 2019 est.)[1]
GDP growth
  • 0.5% (2016) 2.3% (2017)
  • 1.2% (2018e) 0.7% (2019e)
GDP per capita
  • Increase $28,898 (nominal, 2019 est.)[1]
  • Increase $37,576 (PPP, 2019 est.)[1]
GDP by sector
agriculture: 0.4%, industry: 33.3%, services: 66.3% (2002 est.)
3.579% (2018)[1]
Population below poverty line
N/A%
Labour force
51,610 (2007 est.)
Labour force by occupation
agriculture: NA%, industry: NA%, services: NA%
Unemployment6.9% (2005 est.)
Main industries
tourism, petroleum transshipment facilities, and banking
External
Exports$312.7 million (2014 est.) [2]
Export goods
live animals and animal products, art and collectibles, machinery and electrical equipment, and transport equipment
Main export partners
 United States 41.3%
 Colombia 17.9%
 Venezuela 13.5%
 Netherlands 11.2%
 Canada 6.2% (2015 est.) [3]
Imports$1.528 billion (2014 est.)
Import goods
machinery and electrical equipment, refined oil for bunkering and re-export, chemicals; and foodstuffs
Main import partners
 United States 50.8%
 Venezuela 14.9%
 Mexico 9.8%
 Netherlands 8.3%
 United Kingdom 5.8% (2015 est.)
[4]
Public finances
$533.4 million (2005 est.)
All values, unless otherwise stated, are in US dollars.


The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country's income. Because of tourism's rapid growth in the last 80 years, related industries like construction have also flourished in Aruba. Other primary industries include oil refining and storage, as well as offshore banking. Despite the island's low rainfall in the past year, the people[who?] have proven that Aruba's soil is full of nutrients and many crops do amazingly well in the soil[citation needed]. Many more locals have started participating more to horticulture, permaculture and agriculture. Creating a start to an internal economy. Aloe cultivation, livestock, and fishing also contribute to Aruba's economy. In addition, the country also exports art and collectibles, machinery, electrical equipment, and transport equipment. Aruba's small labor force and low unemployment rate have led to many unfilled job vacancies, despite sharp rises in wage rates in recent years.

With such a large part of its economy dependent on tourism, a few political parties are striving [citation needed] to increase business in other sectors to protect against possible industry slumps to prevent another economic shut-down like what was experienced during 2020. Their current focus is on expanding into the cannabis and hemp industry, transitioning to a circular economy, creating an internal economy in the primary sector, technology, and finance.

  1. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 21 October 2019.
  2. ^ "CIA – The World Factbook". Cia.gov. Archived from the original on 2021-01-09. Retrieved 2015-06-26.
  3. ^ "Export Partners of Aruba". CIA World Factbook. 2013. Archived from the original on 2021-01-09. Retrieved 2015-06-28.
  4. ^ "Import Partners of Aruba". CIA World Factbook. 2013. Archived from the original on 2021-01-09. Retrieved 2015-06-28.