Andorra Economy: from the All Country Info reference guide to country facts

Andorra Economy

Andorra Economy: A summary of information about Andorra Economy, from government research data as well as independent research and other sources.

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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 by a scarcity of arable land, and most food has to be
imported. The principal livestock activity is sheep raising.
Manufacturing 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 - $1.2 billion (1996 est.)
GDP - real growth rate
NA%
GDP - per capita
purchasing power parity - $18,000 (1996 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 (consumer prices)
1.62% (1998)
Labor force
30,787 salaried employees (1998)
Labor force - by occupation
agriculture 1%, industry 21%, services
72%, other 6% (1998)
Unemployment rate
0%
Budget
revenues: $385 million
expenditures: $342 million, including capital expenditures of $NA
(1997)
Industries
tourism (particularly skiing), cattle raising, timber,
tobacco, banking
Industrial production growth rate
NA%
Electricity - production
116 million kWh (1998)
Electricity - production by source
fossil fuel: NA%
hydro: NA%
nuclear: NA%
other: NA%
Electricity - consumption
NA kWh (1998 est.)
Electricity - exports
NA kWh
Electricity - imports
NA kWh; note - imports electricity from Spain
and France
Agriculture - products
small quantities of tobacco, rye, wheat,
barley, oats, vegetables; sheep
Exports
$58 million (f.o.b., 1998)
Exports - commodities
tobacco products, furniture
Exports - partners
France 34%, Spain 58% (1998)
Imports
$1.077 billion (c.i.f., 1998)
Imports - commodities
consumer goods, food, electricity
Imports - partners
Spain 48%, France 35%, US 2.3% (1998)
Debt - external
$NA
Economic aid - recipient
none
Currency
1 French franc (F) = 100 centimes; 1 peseta (Pta) = 100
centimos; the French and Spanish currencies are used
Exchange rates
euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
French francs (F) per US$1 - 5.65 (January 1999), 5.8995 (1998),
5.8367 (1997), 5.1155 (1996), 4.9915 (1995); Spanish pesetas (Ptas)
per US$1 - 143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66
(1996), 124.69 (1995)
Fiscal year
calendar year
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