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.
Agriculture Products
small quantities of rye, wheat, barley, oats, vegetables; sheep
Industries
tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture
Industrial Production Growth Rate
NA%
Labor Force
42,420 (2005)
Electricity production
NA kWh
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
Unemployment Rate
0% (1996 est.)
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $333.5 million
Expenditures: $386.6 million (2005)
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 (EUR) per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
