Aruba - Economy
How is the economy of Aruba? Based on the information we have, Aruba has a small, tourism-dependent, territorial-island economy; very high public debt; COVID-19 crippled economic activity; partial recovery underway via tourism, benefitting from its high amount of timeshare residences; considering reopening oil refinery. Key agricultural products in this country include: aloes; livestock; fish.
More about the economy of Aruba
| Labor force | |
|---|---|
| Industrial production growth rate | |
| Industries | tourism, petroleum transshipment facilities, banking |
| Population below poverty line | |
| Taxes and other revenues | 25.2% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Aruban guilders/florins per US dollar - |
| Exchange rates 2023 | 1.79 (2023 est.) |
| Exchange rates 2022 | 1.79 (2022 est.) |
| Exchange rates 2021 | 1.79 (2021 est.) |
| Exchange rates 2020 | 1.79 (2020 est.) |
| Exchange rates 2019 | 1.79 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.468 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.544 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.513 billion (2021 est.) |
| Current account balance | |
| Current account balance 2022 | $230.556 million (2022 est.) |
| Current account balance 2021 | $79.257 million (2021 est.) |
| Current account balance 2020 | -$316.455 million (2020 est.) |
| Public debt | |
| Public debt 2017 | 86% of GDP (2017 est.) |
| Budget | |
| Revenues | $793 million (2019 est.) |
| Expenditures | $782 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.03% of GDP (2023 est.) |
| Remittances 2022 | 1.17% of GDP (2022 est.) |
| Remittances 2021 | 1.22% of GDP (2021 est.) |
| Imports | |
| Imports 2022 | $2.429 billion (2022 est.) |
| Imports 2021 | $1.947 billion (2021 est.) |
| Imports 2020 | $1.644 billion (2020 est.) |
| Imports (partners) | USA 53%, Netherlands 15%, China 6%, Colombia 3%, Brazil 3% (2023) |
| Comodities Imports force | refined petroleum, tobacco, cars, garments, jewelry (2023) |
| Exports | |
| Imports 2022 | $2.429 billion (2022 est.) |
| Imports 2021 | $1.947 billion (2021 est.) |
| Imports 2020 | $1.644 billion (2020 est.) |
| Exports (partners) | Jordan 34%, Colombia 31%, USA 7%, Guyana 5%, Slovakia 5% (2023) |
| Comodities Exports force | tobacco, gas turbines, refined petroleum, steam turbines, heating machinery (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $4.35 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $4.172 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $3.844 billion (2021 est.) |
| GDP (official exchange rate) | $3.649 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $40,500 (2023 est.) |
| Real GDP per capita 2022 | $38,900 (2022 est.) |
| Real GDP per capita 2021 | $35,700 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0% (2019 est.) |
| Industry | 11.4% (2019 est.) |
| Services | 78.3% (2019 est.) |
| GDP - composition, by end use | |
| Household consumption | 52.1% (2023 est.) |
| Government consumption | 19.6% (2023 est.) |
| Investment in fixed capital | 21.5% (2023 est.) |
| Investment in inventories | 0% (2023 est.) |
| Exports of goods and services | 88.3% (2023 est.) |
| Imports of goods and services | -81.5% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2016 | 7.7% (2016 est.) |
All Important Facts about Aruba
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