Is Aruba a rich country?
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.
What is the GDP of Aruba?
|GDP - Gross Domestic Product (PPP)||$2,516,000,000 (USD)|
|GDP - official exchange rate||$2,516,000,000 (USD)|
|GDP - real growth rate||2.4%|
|GDP Per Capita||$25,300.00 (USD)|
|GDP by Sector- agriculture||0.4%|
|GDP by Sector- Industry||33.3%|
|GDP by Sector- services||66.3%|
|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%
|Labor Force by Occupation - note||most employment is in wholesale and retail trade, followed by hotels and restaurants|
|Fiscal Year||calendar year|
|Annual Budget||$696,500,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.2%|
|Public Debt (% of GDP)||67%|
|Taxes and other revenues - percent of GDP||27.7%|
|Major Industries||tourism, petroleum transshipment facilities, banking|
|Agriculture Products||aloes; livestock; fish|
|Commercial Bank Prime Lending Rate||9%|