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 (purchasing power parity):
$3.66 billion (2007 est.)
GDP (official exchange rate):
$NA
GDP - real growth rate:
2% (2007 est.)
GDP - per capita (PPP):
$42,500 (2007 est.)
GDP - composition by sector:
agriculture: NA%
industry:
NA%
services:
NA%
Labor force:
42,230 (2007)
Labor force - by occupation:
agriculture: 0.3%
industry:
20.8%
services:
79% (2007)
Unemployment rate:
0% (2007 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%:
NA%
Budget:
revenues: $496.9 million
expenditures:
$496.8 million (2007)
Inflation rate (consumer prices):
3.9% (2007 est.)
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%
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
Exports:
$117.1 million (2007 est.)
Exports - commodities:
tobacco products, furniture
Imports:
$1.789 billion (2007 est.)
Imports - commodities:
consumer goods, food, electricity
Debt - external:
$NA
Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), 0.7306 (2007), 0.7964 (2006), 0.8041 (2005)
NOTE: The information regarding Andorra on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2010 information contained here. All suggestions for corrections of any errors about Andorra Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10