shore banking and oil refining and storage are also important.
The rapid growth of the tourism sector over the last decade has
resulted in a substantial expansion of other activities.
Construction has boomed, with hotel capacity five times the 1985
level. In addition, the reopening of the country's oil refinery in
1993, a major source of employment and foreign exchange earnings,
has further spurred growth. Aruba's small labor force and less than
1% unemployment rate have led to a large number of unfilled job
vacancies, despite sharp rises in wage rates in recent years.

Ashmore and Cartier Islands:
no economic activity

Atlantic Ocean:
The Atlantic Ocean provides some of the world's most
heavily trafficked sea routes, between and within the Eastern and
Western Hemispheres. Other economic activity includes the
exploitation of natural resources, e.g., fishing, the dredging of
aragonite sands (The Bahamas), and production of crude oil and
natural gas (Caribbean Sea, Gulf of Mexico, and North Sea).

Australia:
Australia has a prosperous Western-style capitalist
economy, with a per capita GDP at the level of the four dominant
West European economies. Rich in natural resources, Australia is a
major exporter of agricultural products, minerals, metals, and
fossil fuels. Commodities account for 57% of the value of total
exports, so that a downturn in world commodity prices can have a big
impact on the economy. The government is pushing for increased
exports of manufactured goods, but competition in international
markets continues to be severe. While Australia has suffered from
the low growth and high unemployment characterizing the OECD
countries in the early 1990s and during the recent financial
problems in East Asia, the economy has expanded at a solid 4% annual
growth pace in the last five years. Canberra's emphasis on reforms
is a key factor behind the economy's resilience to the regional
crisis and its stronger than expected growth rate. Growth in 2001
will depend on key international commodity prices, the extent of
recovery in nearby Asian economies, and the strength of US and
European markets.

Austria:
Austria with its well-developed market economy and high
standard of living is closely tied to other EU economies, especially
Germany's. Membership in the EU has drawn an influx of foreign
investors attracted by Austria's access to the single