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The Economy of Andorra

Andorran Economy

Andorra's map

Economy - overview: Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11.6 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 partial "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:

GDP - real growth rate: 2% (2007 est.) 3.5% (2005 est.)

GDP - per capita:

GDP - composition by sector: agriculture: NA% industry: NA% services: NA%

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 42,230 (2007)

Labor force - by occupation: agriculture: 0.3% industry: 20.8% services: 79% (2007)

Unemployment rate: 0% (2007)

Budget: revenues: $496.9 million expenditures: $496.8 million (2007)

Industries: tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture

Industrial production growth rate: NA%

Electricity - production: NA kWh

Electricity - production by source:

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

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:

Agriculture - products: small quantities of rye, wheat, barley, oats, vegetables; sheep

Exports: $117.1 million f.o.b. (2007)

Exports - commodities: tobacco products, furniture

Exports - partners:

Imports: $1.789 billion (2007)

Imports - commodities: consumer goods, food, electricity

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7306 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: