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Economy of Aruba

Aruba is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Aruba is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Aruba exports around $2.22 billion and imports roughly $3.16 billion. 7.3% of population in the country are unemployed. The total number of unemployed people in Aruba is 7,714. Government expenditure on education is 3.9% of GDP. The Gini Index of the country is 51.67. Aruba is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Aruba has a Human Development Index (HDI) of 0.879. Aruba has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society.

Currency

The currency of Aruba is Aruban florin. The plural form of the word Aruban florin is florins. The symbol used for this currency is ƒ, and it is abbreviated as AWG. The Aruban florin is divided into Cent; there are 100 in one florin.

Credit rating

According to the S&P credit-rating agency, Aruba has a credit rating score of BBB+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Aruba has a credit rating score of BBB, and the prospects of this rating are stable.

Central bank

The prime lending rate of Aruba's commercial banks is 8.3. In Aruba, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Aruba. Locally, the central bank of Aruba is called Centrale Bank van Aruba. The average deposit interest rate offered by local banks in Aruba is 2.2%.

Public debt

The government debt of Aruba has not been calculated yet.

Tax information

The corporate tax in Aruba is set at 28%. Personal income tax ranges from 7% to 58.95%, depending on your specific situation and income level. VAT in Aruba is 1.5%, and it is known as Business turnover tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Aruba is $2.516 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Aruba was last recorded at $0 million. PPP in Aruba is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Aruba is 3 billion. Based on this statistic, Aruba is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Aruba was last recorded at $0 million. The average citizen in Aruba has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Aruba averaged 2.4% in 2014. According to this percentage, Aruba is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Aruba.

Industry

Major industries in the country are tourism, petroleum transshipment facilities, banking. The total labor force of Aruba is 54,729 people, wherein 7.3% of population in the country are unemployed. The total number of unemployed people in Aruba is 7,714. To read more about industrial information within Aruba click on industry of Aruba.

Agriculture

There are 20 km2 of arable land in Aruba, and it comprises 11% of the country's total territory. There are 20 km2 of cultivated land in Aruba. The country's major agricultural crops and products are aloes, livestock, fish.To read more about agriculture click on agriculture of Aruba.