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 by a scarcity of arable land, and most food has to be imported. The principal livestock activity is sheep raising. Manufacturing 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.
Agriculture Products
small quantities of tobacco, rye, wheat, barley, oats, vegetables; sheep
Industries
tourism (particularly skiing), cattle raising, timber, tobacco, banking
Industrial Production Growth Rate
NA%
Labor Force
30,787 salaried employees (1998)
Electricity production
116 million kWh (1998)
Electricity production by source
Fossil fuel: NA%
Hydro: NA%
Nuclear: NA%
Other: NA%
Electricity Consumption
NA kWh (1998 est.)
Electricity Exports
NA kWh
Electricity Imports
NA kWh; note - imports electricity from Spain and France
Currency
1 French franc (F) = 100 centimes; 1 peseta (Pta) = 100 centimos; the French and Spanish currencies are used
Population Below Poverty Line
NA%
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $385 million
Expenditures: $342 million, including capital expenditures of $NA (1997)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); French francs (F) per US$1 - 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995); Spanish pesetas (Ptas) per US$1 - 143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66 (1996), 124.69 (1995)
