Economy
Aruba has one of the highest standards of living in the Caribbean region. There is a low unemployment rate.
The GDP per capita for Aruba was estimated to be $21,800 in 2004; among the highest in the Caribbean and the Americas. Its main trading partners are Venezuela, the United States and the Netherlands.
The island's economy has been dominated by five main industries: tourism, gold mining, phosphate mining (The Aruba Phosphaat Maatschappij), aloe export, and petroleum refining (The Lago Oil & Transport Company and the Arend Petroleum Maatschappij Shell Co.). Before the "Status Aparte" (a separate completely autonomous country/state within the Kingdom), oil processing was the dominant industry in Aruba despite expansion of the tourism sector. Today, the influence of the oil processing business is minimal. The size of the agriculture and manufacturing sectors also remains minimal.
The inflation on Aruba in 2007 was 8.7%.
The exchange rate of the Aruban florin has remained steady in recent years at 1.78 florins to 1 US dollar. Because of this fact, and due to a large number of American tourists, many businesses operate using US dollars instead of florins, especially in the hotel & resort districts.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)