ECONOMY
Through the 1990s and into the 21st century Aruba posted growth rates around 5%. However, in 2001, a decrease in demand and the terrorist attack on the United States led to the first economic contraction in 15 years. Deficit spending has been a staple in Aruba's history, and modestly high inflation has been present as well, although recent efforts at tightening monetary policy may correct this. Oil processing is the dominant industry in Aruba, despite the expansion of the tourism sector. Approximately 1.3 million tourists per year visit Aruba, with 75% of those from the United States. The sizes of the agriculture and manufacturing industries remain minimal.
Economy
GDP (2005): $2.26 billion.
Growth rate (2005): 2.4%.
Per capita GDP (2006): $23,426.
Natural resources: Beaches. Tourism/services and oil refining are dominant factors in GDP.
Trade: Exports--$2.61 billion (f.o.b., including oil re-exports & free zone, 2006): oil products, live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment. Major markets--U.S. (43.61%), Venezuela (5.9%), Netherlands Antilles (16.67%), Netherlands (9.60%). Imports--$2.84 billion: crude petroleum, food, manufactures. Major suppliers--U.S. (57.50%), Netherlands (11.79%), Netherlands Antilles (3.32%).
