Andorra

Andorra Economy

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

Population below poverty line
NA

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

Inflation rate
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)

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 - 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

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)

Debt - external
NA

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)



- Info Provided by the CIA World Factbook -