Sharp Decline Of Unemployment Rate expected In 2011





July 27th 2010, Aruba.


ORANJESTAD-The Real GDP of Aruba is projected to grow by 2.0 percent in 2010, and a robust 6.2 percent in 2011.
The Unemployment rate is projected to decline from 9.9 percent in 2010 to 7.1 percent in 2011. The inflation rate
of the island is expected to fall from 3.2 percent in 2010 to 2.9 percent in 2011. The figures were released in the
monthly Economic Monitor Report by the Central Bank of Aruba.

The Real GDP of Aruba fell by 7.6 percent during 2009, in what is the strongest decline in the economy of the island
since 1985. The unemployment rate soared from 8.3 percent in 2008 to 11.3 percent in 2009. The strong decline
of the economy is attributed to less spending from local consumers as well as visitors from abroad. In addition,
the refinery closed down indefinitely during 2009. Oil refining is the second most important industry on the island.

The strong rebound of the economy for 2010 and 2011 is attributed to major investments ongoing and planned for
the near future. The present construction of the Ritz Carlton Hotel, condominium projects, the urban renewal plan
for Oranjestad, and the reopening of the refinery in September are a few of the projects contributing to the island's
economic rebound. The strong growth in tourism and the projected increase of consumer spending will boost
economic growth further during 2011.





















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