Economy Overview
Tourism, commerce, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP. An estimated 9 million tourists visit annually, attracted by Andorra's duty-free status for some products and by its summer and winter resorts. Andorra's comparative advantage eroded when the borders of neighboring France and Spain opened, providing broader availability of goods and lower tariffs. The banking sector 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 and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, 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
38,220 (2010)country comparison to the world: 199
Electricity production
101 million kWh (2009)country comparison to the world: 193
Electricity Consumption
598.7 million kWh (2009)country comparison to the world: 161
Electricity Exports
9 million kWh (2009)
Electricity Imports
497.7 million kWh note: most electricity supplied by Spain and France; Andorra generates a small amount of hydropower (2009)
Unemployment Rate
2.9% (2009)country comparison to the world: 22 2.7% (2008)
Population Below Poverty Line
NA (2008)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $872 million
Expenditures: $868.4 million (2009)
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 -0.755 (2010)0.7179 (2009)0.6827 (2008)0.7306 (2007)0.7964 (2006)
