Aruba

Region:Caribbean

Capital: Oranjestad

Population:107,635 (July 2012 -  CIA est.)

Surface area: 193 sq km

Currency: Aruban guilder/florin (AWG)

GDP per capita: Purchasing power parity US $21,800 (2004 est.)

Background:
Discovered and claimed for Spain in 1499, Aruba was acquired by the Dutch in 1636. The island’s economy has been dominated by three main industries. A 19th century gold rush was followed by prosperity brought on by the opening in 1924 of an oil refinery. The last decades of the 20th century saw a boom in the tourism industry. Aruba seceded from the Netherlands Antilles in 1986 and became a separate, autonomous member of the Kingdom of the Netherlands. Movement toward full independence was halted at Aruba’s request in 1990.

Economy – Overview:
Tourism is the mainstay of the small, open Aruban economy, with offshore banking and oil refining and storage also important. The rapid growth of the tourism sector over the last decade has resulted in a substantial expansion of other activities. Over 1.5 million tourists per year visit Aruba, with 75% of those from the US. Construction continues to boom, with hotel capacity five times the 1985 level. In addition, the country’s oil refinery reopened in 1993, providing a major source of employment, foreign exchange earnings, and growth. Tourist arrivals have rebounded strongly following a dip after the 11 September 2001 attacks. The island experiences only a brief low season, and hotel occupancy in 2004 averaged 80%, compared to 68% throughout the rest of the Caribbean. The government has made cutting the budget and trade deficits a high priority.

Major Export Commodities: live animals and animal products, art and collectibles, machinery and electrical equipment, transport equipment

Remittances:16 million USD (World Bank 2011 est.)

Human Development Index 2007/2008 ranking: Not ranked

Official Development Assistance and Major Development Partners: Net ODA in 2006 was US $76 million. Major development partners include: the Netherlands, The Caribbean Development Bank, the United Kingdom.

Total External Debt: US $478.6 million (2005 est.)

Life Expectancy: 75.93 years – CIA

CO2 Emissions (tonnes per capita): 21.7 (WORLD BANK 2008)

Sources:

CIA World Factbook. Central Intelligence Agency. www.cia.gov

World Development Indicators. World Bank www.worldbank.org

Development, Recipient Aid Charts. Organization for Economic Co-operation and Development. www.oecd.org

Human Development Report 2011.United Nations Development Programme. www.undp.org

Updated July 2012