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    Aruba Economy 2000

      Economy - overview: Tourism is the mainstay of the Aruban economy, although offshore banking and oil refining and storage are 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 less than 1% unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years.

      GDP: purchasing power parity - $1.6 billion (1998 est.)

      GDP - real growth rate: 3% (1998)

      GDP - per capita: purchasing power parity - $22,800 (1998 est.)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Population below poverty line: NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices): 2% (1999 est.)

      Labor force: 41,501 (1997 est.)

      Labor force - by occupation: most employment is in wholesale and retail trade and repair, followed by hotels and restaurants (1997 est.)

      Unemployment rate: 0.6% (1996 est.)

      Budget:
      revenues: $NA
      expenditures: $541 million, including capital expenditures of $NA (2000 est.)

      Industries: tourism, transshipment facilities, oil refining

      Industrial production growth rate: NA%

      Electricity - production: 475 million kWh (1998)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      nuclear: 0%
      other: 0% (1998)

      Electricity - consumption: 442 million kWh (1998)

      Electricity - exports: 0 kWh (1998)

      Electricity - imports: 0 kWh (1998)

      Agriculture - products: aloes; livestock; fish

      Exports: $1.17 billion (including oil reexports)(1998)

      Exports - commodities: transport equipment, live animals and animal products, art and collectibles, machinery and electrical equipment

      Exports - partners: US 53.2%, Colombia 14.9%, Netherlands 8.8% (1998)

      Imports: $1.52 billion (1998)

      Imports - commodities: machinery and transport equipment, crude oil for refining and reexport; foodstuffs

      Imports - partners: US 55.5%, Netherlands 12.3%, Japan 3.5% (1998)

      Debt - external: $285 million (1996)

      Economic aid - recipient: $26 million (1995); note - the Netherlands provided a $127 million aid package to Aruba and Suriname in 1996

      Currency: 1 Aruban florin (Af.) = 100 cents

      Exchange rates: Aruban florins (Af.) per US$1 - 1.7900 (fixed rate since 1986)

      Fiscal year: calendar year

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    Revised 01-Nov-00
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