Andorra Economy 2014


Andorra Economy 2014

Page last updated on December 17, 2013

Economy - overview:
Tourism, retail sales, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP. Andorra's duty-free status for some products and its summer and winter resorts attract millions of visitors annually, although the economic downturn in neighboring countries has curtailed tourism activity. The banking sector also contributes substantially to the economy. Andorra's comparative advantage as a tax haven eroded when the borders of neighboring France and Spain opened; its bank secrecy laws have been relaxed under pressure from the EU and OECD. Agricultural production is limited - only 2% of the land is arable - and most food has to be imported, making the economy vulnerable to changes in fuel and food prices. 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. Andorra uses the euro and is effectively subject to the monetary policy of the European Central Bank. Slower growth in Spain and France has dimmed Andorra's economic prospects. Since 2010, a drop in tourism contributed to a contraction in GDP and a sharp deterioration of public finances, prompting the government to begin implementing several austerity measures to reduce the budget deficit, including levying a special corporate tax. To bring in new revenue and diversify future sources of economic growth, the government approved in July 2012 a new foreign investment law opening investment to foreign capital.

GDP (purchasing power parity):
$3.163 billion (2012 est.)
country comparison to the world: 180

$3.214 billion (2011 est.)
$3.227 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.8 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.6% (2012 est.)
country comparison to the world: 203

-0.4% (2011 est.)
-1.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$37,200 (2011 est.)
country comparison to the world: 34

$37,700 (2010 est.)
$37,900 (2009 est.)
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 14%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 79%
services: 6% (2011 est.)

Agriculture - products:
small quantities of rye, wheat, barley, oats, vegetables; sheep

tourism (particularly skiing), banking, tobacco, cattle raising, timber, furniture

Industrial production growth rate:
[see also: Industrial production growth rate country ranks ]

Labor force:
36,060 (2012)
country comparison to the world: 201
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 4.7%
services: 94.9% (2010)

Unemployment rate:
2.9% (2012 est.)
country comparison to the world: 21

1.9% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

revenues: $403 million
[see also: Budget revenues country ranks ]
expenditures: $470 million (2011)

Taxes and other revenues:
8.4% of GDP (2011)
country comparison to the world: 210
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.4% of GDP (2011)
country comparison to the world: 71
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.1% (2012 est.)
country comparison to the world: 14

-2.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

$70 million (2012 est.)
country comparison to the world: 192

$72 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
tobacco products, furniture

$1.43 billion (2012 est.)
country comparison to the world: 173

$1.501 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
consumer goods, food, electricity

Debt - external:
[see also: Debt - external country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.76 (2012 est.)
0.78 (2011 est.)
0.76 (2010 est.)
0.72 (2009 est.)
0.68 (2008 est.)

NOTE: 1) The information regarding Andorra on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2014 information contained here. All suggestions for corrections of any errors about Andorra Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order

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