s in tax and customs administration in 2005, but
anti-corruption measures will be more difficult to implement.
Construction of a natural gas pipeline between Iran and Armenia has
been completed and it is scheduled to be commissioned by April 2007.
Investment in the construction and industrial sectors is expected to
continue in 2007 and will help to ensure annual average real GDP
growth of more than 10%.

Aruba
Tourism is the mainstay of the small, open Aruban economy,
with offshore banking and oil refining and storage also important.
The rapid growth of the tourism sector over the last decade has
resulted in a substantial expansion of other activities. Over 1.5
million tourists per year visit Aruba, with 75% of those from the
US. Construction continues to boom, 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. Tourist arrivals have
rebounded strongly following a dip after the 11 September 2001
attacks. The island experiences only a brief low season, and hotel
occupancy in 2004 averaged 80%, compared to 68% throughout the rest
of the Caribbean. The government has made cutting the budget and
trade deficits a high priority.

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, 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 an enviable Western-style capitalist economy
with a per capita GDP on par with the four dominant West European
economies. Rising output in the domestic economy, robust business
and consumer confidence, and high export prices for raw materials
and agricultural products are fueling the economy. Australia's
emphasis on reforms, low inflation, and growing ties with China are
other key factors behind the economy's strength. The impact of
drought and strong import demand pushed the trade deficit up in
recent years, although the trade balance improved in 2006. Housing
prices probably peaked in 2005, diminishing the prospect that
inter