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 | 51,610 (2007 est.) |
|---|---|
| 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 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.) |
| Exchange rates 2018 | 1.79 (2018 est.) |
| Debt - external | |
| Debt - external 31 December 2014 | $693.2 million (31 December 2014 est.) |
| Debt - external 31 December 2013 | $666.4 million (31 December 2013 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $1.544 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.513 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $1.213 billion (2020 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.) |
| Public debt 2016 | 84.7% of GDP (2016 est.) |
| Budget | |
| Revenues | $793 million (2019 est.) |
| Expenditures | $782 million (2019 est.) |
| Budget surplus (+) or deficit (-) | -2.7% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 1.08% of GDP (2022 est.) |
| Remittances 2021 | 1.16% of GDP (2021 est.) |
| Remittances 2020 | 1.37% of GDP (2020 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) | US 39%, Netherlands 11%, Guyana 9%, Colombia 8%, China 5% (2022) |
| Comodities Imports force | refined petroleum, crude petroleum, tobacco, jewelry, other foods (2022) |
| Exports | |
| Imports 2022 | $2.429 billion (2022 est.) |
| Imports 2021 | $1.947 billion (2021 est.) |
| Imports 2020 | $1.644 billion (2020 est.) |
| Exports (partners) | Colombia 40%, US 12%, Jordan 11%, Guyana 8%, Netherlands 6% (2022) |
| Comodities Exports force | tobacco, liquor, refined petroleum, scrap iron, orthopedic appliances (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $4.393 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $3.977 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $3.116 billion (2020 est.) |
| GDP (official exchange rate) | $3.545 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $41,300 (2022 est.) |
| Real GDP per capita 2021 | $37,300 (2021 est.) |
| Real GDP per capita 2020 | $29,200 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.4% (2002 est.) |
| Industry | 33.3% (2002 est.) |
| Services | 66.3% (2002 est.) |
| GDP - composition, by end use | |
| Household consumption | 60.3% (2014 est.) |
| Government consumption | 25.3% (2015 est.) |
| Investment in fixed capital | 22.3% (2014 est.) |
| Investment in inventories | 0% (2015 est.) |
| Exports of goods and services | 70.5% (2015 est.) |
| Imports of goods and services | -76.6% (2015 est.) |
| Unemployment rate | |
| Unemployment rate 2016 | 7.7% (2016 est.) |
All Important Facts about Aruba
Want to know more about Aruba? Check all different factbooks for Aruba below.
