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:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“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)