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Aruba
Quick Facts
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Government
- Governor - Fredis REFENJOL
- Prime Minister - Michiel Godfried EMAN
- Minister of Economic Affairs, Social Affairs and Culture - Michelle HOOYBOER-WINKLAAR
- Minister of General Affairs & Utilities - Nelson ODUBER
- Minister of Justice and Education -
- Minister Plenipotentiary - Edwin ABATH
- Minister of Public Health and Sport - Richard VISSER
- Minister of Public Works -
- Minister of Tourism, Transportation and Labour - Otmar E. ODUBER
- Attorney General - Caren JANSSEN
- President, Central Bank of Aruba - J.R. SEMELEER
Public Holidays:
Economic Development
Economic Conditions 2010
The Central Bank of Aruba. Annual Report 2010
In 2010 much of the Aruban economy continued to encounter challenges and uncertainties. Relying largely on external sources of income, Aruba's economy historically has been vulnerable to changes in world economic conditions. Consequently, the global economic and financial crisis of 2008-2010, combined with the temporary shutdown of the refinery, the slowdown in the tourism sector and a significant drop in foreign direct investment had a severe impact on the Aruban economy, as nominal gross domestic product (GDP) fell by 3.8 percent to Afl.4,306.1 million in 2010.
source: Centrale Bank van Aruba
ARUBA Economic Forecast Monitor.
March 3, 2010
The Economic Forecast publication is a summary of global and national projections of Aruba.
source: Centrale Bank Van Aruba
Economic Indicators
Aruba Monthly Bulletin. December 2010
Tourism
Total number of cruise visitors decreased by 1.0 percent during December 2010 compared to December 2009. For 2010, total number of cruise passengers declined by 37,344 (‐6.2 percent) compared to 2009.
source: Centrale Bank Van Aruba
Economic Outlook
- source: Economic Outlook Aruba 2008
The economy of Aruba has shown over the years a stable growth, although in 2001 and 2002 the real GDP growth suffered a small decline of 0,7 and 0,3 respectively as a result of the effects of 9/11. In 2003 the economy picked up again. The expectations are that the economy will continue to grow in the coming years.
The economic growth is mainly based on the developments in the tourism sector. Aruba is a primary tourism destination that continues to attract tourism related investments and tourists. Still the aim to diversify the economy continues to be a priority. In this respect a competitive investment climate has to be created that stimulates a sustainable economic development. Entrepreneurship and innovation, capital intensive investments and knowledge economy will be the focus in the coming years.
The Global Financial Crisis and The Aruban Economy
Source:Central Bank of Aruba Press Release. October 9, 2008
Like many other central banks, the Centrale Bank van Aruba (CBA) is closely and continuously monitoring the developments in the financial markets and their effect on, among others, exchanges rates, oil and gold prices, and assessing the financial and economic impact of the ensuing financial crisis for the economy of Aruba.
With respect to the financial sector, preliminary information obtained from the financial institutions supervised by the CBA indicate that the international financial turmoil has had so far limited effect on their financial position.
In general, the Aruban banks and insurers only have a small part of their funds invested abroad. Notable is also that the commercial banks mainly lend to residents and, thus,have little foreign exchange exposure originating from their loan activities.
On the economic side, the current credit crunch on the international markets will likely make it more difficult for foreign investors to continue to invest in Aruba.
ARUBA: 2007 ARTICLE IV CONSULTATION.
Aruba has made great strides since 1986, when it gained autonomy from the Kingdom of the Netherlands. Per capita income (in U.S. dollar terms) has more than tripled over the past 20 years making Aruba one of the most developed islands in the Caribbean.This impressive result has been achieved with the help of market- friendly policies that have fostered a stable macroeconomic environment and a rapid expansion of the tourism sector, now accounting for more than 50 percent of GDP. Equally important has been the openness of the economy as foreign investment and migrant workers have been key contributors to economic growth.
Economic Statistics
ARUBA: Statistical Appendix 2002-2006. Source: IMF
Social Development
National Security
Aruba National Security Plan 2008-2012
In today‘s day and age where the world is ever more vulnerable to threats of far-reaching proportions, it is imperative that a nation is prepared to deal with challenges, both anticipated and unexpected, with readiness and preparedness. Even more than being prepared for the unexpected, is to know where one is heading as a nation. In times of rapid change, it is critical to know which direction to steer towards and having the information and tools to stay the course.
A participatory strategic planning process was employed to arrive at this National Security Plan. The aim and intention of the participatory planning process was to create a collectively agreed upon direction for national security with different sectors beyond law enforcement, and a set of priority focus areas that would ultimately help to achieve the articulated vision. Therefore, a wider net was cast to include not only representatives of the law enforcement and justice sector but also those of relevant agencies and departments directly related to and affected by national security and safety issues.
Education
Environment
Health
source:Pan American Health Org
Legislation
Statistics
More Information
Key Documents
Up one level- Aruba National Development Plan 2003-2007
- Review of the economics of climate change in the Caribbean Phase II - the water sector. LC/CAR/L.260
- Climate change and the macroeconomy in the Caribbean basin: Analysis and projections to 2099. LC/CAR/L.264
- Survey of ICT and Education in the Caribbean:a summary report based on 16 country surveys. (Vol. 2)
- ARUBA: Statistical Appendix 2002-2006
- Aruba: detailed assessments of compliance with the Basel Core Principles for effective banking supervision
- Regional report on the impact of climate change on the tourism sector. LC/CAR/L.263
- CTO. Latest Tourism Statistics for the Caribbean 2008
- National security Plan for Aruba 2008-2012
- Aruba Economic Forecast Monitor. October 26 2011
- The Central Bank of Aruba. Annual Report 2010
- REVIEW OF CARIFORUM-EU EPA – IMPLICATIONS FOR THE BRITISH AND DUTCH CARIBBEAN OCTs
- Economic Outlook Aruba 2008
- The Report of the National Commission on Public Finance (NCPF) on Sound Public Finance and Public Accountability in Aruba