Economy Of Andorra

Economy overview	Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for roughly 80% of GDP. An estimated 9 million tourists visit annually, attracted by Andorra's duty-free status and by its summer and winter resorts. Andorra's comparative advantage has recently eroded as the economies of neighboring France and Spain have been opened up, providing broader availability of goods and lower tariffs. The banking sector, with its "tax haven" status, also contributes substantially to the economy. Agricultural production is limited - only 2% of the land is arable - and most food has to be imported. The principal livestock activity is sheep raising. Manufacturing output consists mainly of cigarettes, cigars, and furniture. Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods (no tariffs) and as a non-EU member for agricultural products.
GDP	purchasing power parity - $1.3 billion (2000 est.)
GDP - real growth rate	3.8% (2000 est.)
GDP - per capita	purchasing power parity - $19,000 (2000 est.)
GDP - composition by sector	agriculture: NA industry: NA services: NA
Investment gross fixed
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index
Inflation rate consumer prices	4.3% (2000)
Labor force	33,000 (2001 est.)
Labor force by occupation	agriculture 1%, industry 21%, services 78% (2000 est.)
Unemployment rate	0% (1996 est.)
Budget	revenues: $385 million expenditures: $342 million, including capital expenditures of NA (1997)
Public debt
Agriculture products	small quantities of rye, wheat, barley, oats, vegetables; sheep
Industries	tourism (particularly skiing), cattle raising, timber, banking
Industrial production growth rate	NA
Electricity production	NA kWh
Electricity production by source	NA
Electricity consumption	NA kWh
Electricity exports	0 kWh (2002)
Electricity imports	NA kWh; note - most electricity supplied by Spain and France; Andorra generates a small amount of hydropower
Oil production
Oil consumption
Oil exports
Oil imports
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance
Exports	$58 million f.o.b. (1998)
Exports commodities	tobacco products, furniture
Exports partners	Spain 58%, France 34% (2000)
Imports	$1.077 billion (1998)
Imports commodities	consumer goods, food, electricity
Imports partners	Spain 48%, France 35%, US 2.3% (2000)
Reserves of foreign exchange gold
Debt external	NA
Economic aid recipient	none
Currency	euro (EUR)
Currency code	EUR
Exchange rates	euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)
Fiscal year	calendar year

Applied Language Solutions offer English to Catalan Translation , English to French Translation , English to Castilian Translation , English to Portuguese Translation .

This information was reproduced in part from the CIA World Fact book.

Flags

If you would like to use this flag of Andorra or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Map

If you would like to use this map of Andorra or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Country Information

If you would like to use this information for Andorra or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.

Economy Of Andorra