Aruba - Economic Indicators

Economic 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 2.0 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....

Continue reading View Factbook for Aruba

GDP Reference Last Previous Units Frequency
Nominal Gross Domestic Product 2015 4,836,000,000 4,768,000,000 AWG Annual
Private Consumption 2015 2,837,000,000 2,874,000,000 AWG Annual
Government Consumption 2015 1,223 1,250 Mil. AWG Annual
Investment 2015 1,070 1,064 Mil. AWG Annual
Real Gross Domestic Product 2013 106.12 102.13 Index 2005=100 Annual
Nominal Fixed Investment (gross fixed capital formation) 2011 1,221,080,000 1,171,210,000 AWG Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Apr 2018 104.42 104.38 2010=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Wage & Salaries 2016 Q4 -566,486 -453,431 USD, NSA Quarterly
Trade Reference Last Previous Units Frequency
Net Exports 2016 94,128,683 79,449,762 USD Annual
Current Account Balance 2016 Q4 12,797,322 35,764,586 USD, NSA Quarterly
Imports of Goods 2016 Q4 279,210,811 275,238,715 USD, NSA Quarterly
Balance of Goods 2016 Q4 -238,967,524 -170,808,789 USD, NSA Quarterly
Exports of Goods 2016 Q4 40,243,286 104,429,925 USD, NSA Quarterly
Imports of Goods and Services 2015 3,705,000,000 3,766,000,000 AWG Annual
Exports of Goods and Services 2015 3,410,000,000 3,346,000,000 AWG Annual
Markets Reference Last Previous Units Frequency
Money Market Rate Apr 2018 0.05 0.05 % p.a., NSA Monthly
Average Long-term Government Bond Jul 2017 0 0 AWG, NSA Monthly
Lending Rate Mar 2013 1 1 % Monthly
Business Reference Last Previous Units Frequency
Change in Inventories 2011 73,470,000 70,970,000 AWG Annual
Demographics Reference Last Previous Units Frequency
Population 2017 105,264 104,822 # Annual
Death Rate 2016 8.76 8.62 # per Ths. pop. Annual
Birth Rate 2016 10.97 10.96 # per Ths. pop. Annual
Net Migration 2012 1,253 # Annual

Factbook

Background

Background:
Discovered and claimed for Spain in 1499, Aruba was acquired by the Dutch in 1636. The island's economy has been dominated by three main industries. A 19th century gold rush was followed by prosperity brought on by the opening in 1924 of an oil refinery. The last decades of the 20th century saw a boom in the tourism industry. Aruba seceded from the Netherlands Antilles in 1986 and became a separate, autonomous member of the Kingdom of the Netherlands. Movement toward full independence was halted at Aruba's request in 1990.

Geography

Location:
Caribbean, island in the Caribbean Sea, north of Venezuela
Geographic coordinates:
12 30 N, 69 58 W
Map references:
Central America and the Caribbean
Area:
total: 180 sq km
land: 180 sq km
water: 0 sq km
country comparison to the world: 218
Area - comparative:
slightly larger than Washington, DC
Land boundaries:
0 km
Coastline:
68.5 km
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
Climate:
tropical marine; little seasonal temperature variation
Terrain:
flat with a few hills; scant vegetation
Elevation:
mean elevation: NA
elevation extremes: lowest point: Caribbean Sea 0 m
highest point: Ceru Jamanota 188 m
Natural resources:
NEGL; white sandy beaches foster tourism
Land use:
agricultural land: 11.1%
arable land 11.1%; permanent crops 0%; permanent pasture 0%
forest: 2.3%
other: 86.6% (2014 est.)
Irrigated land:
NA
Population - distribution:
most residents live in or around Oranjestad and San Nicolaas; most settlements tend to be located on the less mountainous western side of the island
Natural hazards:
hurricanes; lies outside the Caribbean hurricane belt and is rarely threatened
Environment - current issues:
difficulty in properly disposing of waste produced by large numbers of tourists
Geography - note:
a flat, riverless island renowned for its white sand beaches; its tropical climate is moderated by constant trade winds from the Atlantic Ocean; the temperature is almost constant at about 27 degrees Celsius (81 degrees Fahrenheit)

People & Society

Population:
115,120 (July 2017 est.)
country comparison to the world: 189
Nationality:
noun: Aruban(s)
adjective: Aruban; Dutch
Ethnic groups:
Dutch 82.1%, Colombian 6.6%, Venezuelan 2.2%, Dominican 2.2%, Haitian 1.2%, other 5.5%, unspecified 0.1% (2010 est.)
Languages:
Papiamento (official) (a creole language that is a mixture of Portuguese, Spanish, Dutch, English, and, to a lesser extent, French, as well as elements of African languages and the language of the Arawak) 69.4%, Spanish 13.7%, English (widely spoken) 7.1%, Dutch (official) 6.1%, Chinese 1.5%, other 1.7%, unspecified 0.4% (2010 est.)
Religions:
Roman Catholic 75.3%, Protestant 4.9% (includes Methodist 0.9%, Adventist 0.9%, Anglican 0.4%, other Protestant 2.7%), Jehovah's Witness 1.7%, other 12%, none 5.5%, unspecified 0.5% (2010 est.)
Age structure:
0-14 years: 17.64% (male 10,189/female 10,115)
15-24 years: 12.78% (male 7,405/female 7,307)
25-54 years: 41.72% (male 23,117/female 24,906)
55-64 years: 14.28% (male 7,664/female 8,773)
65 years and over: 13.59% (male 6,132/female 9,512) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 44.6
youth dependency ratio: 27
elderly dependency ratio: 17.5
potential support ratio: 5.7 (2015 est.)
Median age:
total: 39.3 years
male: 37.5 years
female: 41.1 years (2017 est.)
country comparison to the world: 55
Population growth rate:
1.27% (2017 est.)
country comparison to the world: 88
Birth rate:
12.4 births/1,000 population (2017 est.)
country comparison to the world: 159
Death rate:
8.4 deaths/1,000 population (2017 est.)
country comparison to the world: 82
Net migration rate:
8.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 11
Population distribution:
most residents live in or around Oranjestad and San Nicolaas; most settlments tend to be located on the less mountainous western side of the island
Urbanization:
urban population: 41.1% of total population (2017)
rate of urbanization: -0.1% annual rate of change (2015-20 est.)
Major urban areas - population:
ORANJESTAD (capital) 29,000 (2014)
Sex ratio:
at birth: 1.01 male(s)/female
0-14 years: 1.01 male(s)/female
15-24 years: 1.01 male(s)/female
25-54 years: 0.93 male(s)/female
55-64 years: 0.87 male(s)/female
65 years and over: 0.64 male(s)/female
total population: 0.9 male(s)/female (2017 est.)
Infant mortality rate:
total: 10.7 deaths/1,000 live births
male: 14 deaths/1,000 live births
female: 7.4 deaths/1,000 live births (2017 est.)
country comparison to the world: 131
Life expectancy at birth:
total population: 76.9 years
male: 73.9 years
female: 80.1 years (2017 est.)
country comparison to the world: 80
Total fertility rate:
1.83 children born/woman (2017 est.)
country comparison to the world: 148
Drinking water source:
improved:
urban: 98.1% of population
rural: 98.1% of population
total: 98.1% of population
unimproved:
urban: 1.9% of population
rural: 1.9% of population
total: 1.9% of population (2015 est.)
Sanitation facility access:
improved:
urban: 97.7% of population
rural: 97.7% of population
total: 97.7% of population
unimproved:
urban: 2.3% of population
rural: 2.3% of population
total: 2.3% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Major infectious diseases:
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Education expenditures:
6.5% of GDP (2015)
country comparison to the world: 41
Literacy:
definition: age 15 and over can read and write
total population: 97.5%
male: 97.5%
female: 97.5% (2015 est.)
School life expectancy (primary to tertiary education):
total: 14 years
male: 13 years
female: 14 years (2012)
Unemployment, youth ages 15-24:
total: 28.9%
male: 29.9%
female: 27.5% (2010 est.)
country comparison to the world: 38

Government

Country name:
conventional long form: none
conventional short form: Aruba
etymology: the origin of the island's name is unclear; according to tradition, the name comes from the Spanish phrase "oro huba" (there was gold), but in fact no gold was ever found on the island; another possibility is the native word "oruba," which means "well-situated"
Dependency status:
constituent country of the Kingdom of the Netherlands; full autonomy in internal affairs obtained in 1986 upon separation from the Netherlands Antilles; Dutch Government responsible for defense and foreign affairs
Government type:
parliamentary democracy (Legislature); part of the Kingdom of the Netherlands
Capital:
name: Oranjestad
geographic coordinates: 12 31 N, 70 02 W
time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
Administrative divisions:
none (part of the Kingdom of the Netherlands)
note: Aruba is one of four constituent countries of the Kingdom of the Netherlands; the other three are the Netherlands, Curacao, and Sint Maarten
Independence:
none (part of the Kingdom of the Netherlands)
National holiday:
National Anthem and Flag Day, 18 March (1976)
Constitution:
previous 1947, 1955; latest drafted and approved August 1985, enacted 1 January 1986 (regulates governance of Aruba but is subordinate to the Charter for the Kingdom of the Netherlands); note - in October 2010, following dissolution of the Netherlands Antilles, Aruba became a constituent country within the Kingdom of the Netherlands (2016)
Legal system:
civil law system based on the Dutch civil code
Citizenship:
see the Netherlands
Suffrage:
18 years of age; universal
Executive branch:
chief of state: King WILLEM-ALEXANDER of the Netherlands (since 30 April 2013); represented by Governor General Alfonso BOEKHOUDT (since 1 January 2017)
head of government: Prime Minister Evelyn WEVER-CROES (since 17 November 2017)
cabinet: Council of Ministers elected by the Legislature (Staten)
elections/appointments: the monarchy is hereditary; governor general appointed by the monarch for a 6-year term; prime minister and deputy prime minister indirectly elected by the Staten for 4-year term; election last held on 27 September 2013 (next to be held by September 2017)
election results: Evelyn WEVER-CROES (MEP) elected prime minister; percent of legislative vote - NA
Legislative branch:
description: unicameral Legislature or Staten (21 seats; members directly elected in a single nationwide constituency by proportional representation vote; members serve 4-year terms)
elections: last held on 22 September 2017 (next to be held in September 2021)
election results: percent of vote by party AVP 39.8%, MEP 37.6%, POR 9.4%, RED 7.1%; seats by party - AVP 9, MEP 9, POR 2, RED 1
Judicial branch:
highest court(s): Joint Court of Justice of Aruba, Curacao, Sint Maarten, and of Bonaire, Sint Eustatitus and Saba or "Joint Court of Justice" (sits as a 3-judge panel); final appeals heard by the Supreme Court, in The Hague, Netherlands
judge selection and term of office: Joint Court judges appointed by the monarch for life
subordinate courts: Courts in First Instance
Political parties and leaders:
Aruban People's Party or AVP [Michiel "Mike" EMAN]
Democratic Electoral Network or RED [L.R. CROES]
People's Electoral Movement Party or MEP [Evelyn WEVER-CROES]
Pueblo Orguyoso y Respeta or POR [O.E. ODUBER]
Real Democracy or PDR [Andin BIKKER]
Political pressure groups and leaders:
environmental groups
International organization participation:
Caricom (observer), FATF, ILO, IMF, Interpol, IOC, ITUC (NGOs), UNESCO (associate), UNWTO (associate), UPU
Diplomatic representation in the US:
none (represented by the Kingdom of the Netherlands); note - there is a Minister Plenipotentiary for Aruba at the Embassy of the Kingdom of the Netherlands
Diplomatic representation from the US:
the US does not have an embassy in Aruba; the Consul General to Curacao is accredited to Aruba
Flag description:
blue, 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; the star represents Aruba and its red soil and white beaches, its four points the four major languages (Papiamento, Dutch, Spanish, English) as well as the four points of a compass, to indicate that its inhabitants come from all over the world; the blue symbolizes Caribbean waters and skies; the stripes represent the island's two main "industries": the flow of tourists to the sun-drenched beaches and the flow of minerals from the earth
National symbol(s):
Hooiberg (Haystack) Hill; national colors: blue, yellow, red, white
National anthem:
name: "Aruba Deshi Tera" (Aruba Precious Country)
lyrics/music: Juan Chabaya 'Padu' LAMPE/Rufo Inocencio WEVER
note: local anthem adopted 1986; as part of the Kingdom of the Netherlands, "Het Wilhelmus" is official (see Netherlands)

Economy

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 2.0 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):
$2.516 billion (2009 est.)
$2.258 billion (2005 est.)
$2.205 billion (2004 est.)
country comparison to the world: 190
GDP (official exchange rate):
$2.516 billion (2009 est.)
GDP - real growth rate:
2.4% (2005 est.)
country comparison to the world: 138
GDP - per capita (PPP):
$25,300 (2011 est.)
country comparison to the world: 78
GDP - composition, by end use:
household consumption: 60.3%
government consumption: 26.2%
investment in fixed capital: 22.3%
investment in inventories: 0%
exports of goods and services: 70.2%
imports of goods and services: -79% (2015 est.)
GDP - composition, by sector of origin:
agriculture: 0.4%
industry: 33.3%
services: 66.3% (2002 est.)
Agriculture - products:
aloes; livestock; fish
Industries:
tourism, petroleum transshipment facilities, banking
Industrial production growth rate:
NA%
Labor force:
51,610
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 (2007 est.)
country comparison to the world: 192
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:
6.9% (2005 est.)
country comparison to the world: 99
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $695.4 million
expenditures: $794 million (2017 est.)
Taxes and other revenues:
27.6% of GDP (2017 est.)
country comparison to the world: 101
Budget surplus (+) or deficit (-):
-3.9% of GDP (2017 est.)
country comparison to the world: 141
Public debt:
67% of GDP (2013 est.)
55% of GDP (2012 est.)
country comparison to the world: 56
Fiscal year:
calendar year
Inflation rate (consumer prices):
-0.1% (2017 est.)
-0.9% (2016 est.)
country comparison to the world: 9
Central bank discount rate:
1% (31 December 2010 est.)
3% (31 December 2009 est.)
country comparison to the world: 128
Commercial bank prime lending rate:
8.5% (31 December 2017 est.)
7.83% (31 December 2016 est.)
country comparison to the world: 98
Stock of narrow money:
$1.257 billion (31 December 2016 est.)
$1.257 billion (31 December 2016 est.)
country comparison to the world: 151
Stock of broad money:
$2.328 billion (31 December 2016 est.)
$2.126 billion (31 December 2015 est.)
country comparison to the world: 150
Stock of domestic credit:
$1.848 billion (31 December 2016 est.)
$1.848 billion (31 December 2016 est.)
country comparison to the world: 153
Exports:
$246.3 million (2017 est.)
$283.1 million (2016 est.)
country comparison to the world: 184
Exports - commodities:
live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment
Exports - partners:
Colombia 23.4%, US 19.8%, Netherlands 16.9%, Venezuela 13.9% (2016)
Imports:
$1.165 billion (2017 est.)
$1.142 billion (2016 est.)
country comparison to the world: 176
Imports - commodities:
machinery and electrical equipment, refined oil for bunkering and reexport, chemicals; foodstuffs
Imports - partners:
US 55.4%, Netherlands 12.6% (2016)
Debt - external:
$693.2 million (31 December 2014 est.)
$666.4 million (31 December 2013 est.)
country comparison to the world: 173
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.)

Energy

Electricity access:
population without electricity: 11,364
electrification - total population: 91%
electrification - urban areas: 100%
electrification - rural areas: 80% (2012)
Electricity - production:
959 million kWh (2015 est.)
country comparison to the world: 153
Electricity - consumption:
891.9 million kWh (2015 est.)
country comparison to the world: 159
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 96
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 116
Electricity - installed generating capacity:
296,000 kW (2015 est.)
country comparison to the world: 158
Electricity - from fossil fuels:
87.2% of total installed capacity (2015 est.)
country comparison to the world: 69
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 33
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 156
Electricity - from other renewable sources:
12.8% of total installed capacity (2015 est.)
country comparison to the world: 57
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 102
Crude oil - exports:
0 bbl/day (2014 est.)
country comparison to the world: 84
Crude oil - imports:
0 bbl/day (2014 est.)
country comparison to the world: 86
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 102
Refined petroleum products - production:
0 bbl/day (2014 est.)
country comparison to the world: 111
Refined petroleum products - consumption:
7,500 bbl/day (2015 est.)
country comparison to the world: 162
Refined petroleum products - exports:
0 bbl/day (2014 est.)
country comparison to the world: 128
Refined petroleum products - imports:
7,661 bbl/day (2014 est.)
country comparison to the world: 149
Natural gas - production:
1 cu m (2013 est.)
country comparison to the world: 101
Natural gas - consumption:
1 cu m (2013 est.)
country comparison to the world: 116
Natural gas - exports:
1 cu m (2013 est.)
country comparison to the world: 57
Natural gas - imports:
1 cu m (2013 est.)
country comparison to the world: 79
Natural gas - proved reserves:
0 cu m (1 January 2014 est.)
country comparison to the world: 108
Carbon dioxide emissions from consumption of energy:
900,000 Mt (2013 est.)
country comparison to the world: 165

Communications

Telephones - fixed lines:
total subscriptions: 35,000
subscriptions per 100 inhabitants: 31 (July 2016 est.)
country comparison to the world: 166
Telephones - mobile cellular:
total: 141,000
subscriptions per 100 inhabitants: 126 (July 2016 est.)
country comparison to the world: 189
Telephone system:
general assessment: modern fully automatic telecommunications system
domestic: increased competition through privatization has increased mobile-cellular teledensity to over 125 per 100 persons; three mobile-cellular 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 (2016)
Broadcast media:
2 commercial TV stations; cable TV subscription service provides access to foreign channels; about 19 commercial radio stations broadcast (2014)
Internet country code:
.aw
Internet users:
total: 106,309
percent of population: 93.5% (July 2016 est.)
country comparison to the world: 178

Transportation

National air transport system:
number of registered air carriers: 3
inventory of registered aircraft operated by air carriers: 19
annual passenger traffic on registered air carriers: 2,120,578
annual freight traffic on registered air carriers: 0 mt-km (2015)
Civil aircraft registration country code prefix:
P4 (2016)
Airports:
1 (2013)
country comparison to the world: 210
Airports - with paved runways:
total: 1
2,438 to 3,047 m: 1 (2017)
Ports and terminals:
major seaport(s): Barcadera, Oranjestad
oil terminal(s): Sint Nicolaas
cruise port(s): Oranjestad

Military & Security

Military branches:
no regular military forces (2011)
Military - note:
defense is the responsibility of the Netherlands; the Aruba security services focus on organized crime and terrorism

Transnational Issues

Disputes - international:
none
Illicit drugs:
transit point for US- and Europe-bound narcotics with some accompanying money-laundering activity; relatively high percentage of population consumes cocaine

Economic Indicators for Aruba including actual values, historical data, and latest data updates for the Aruba economy.