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World > Europe > Andorra > Economy (Facts)

Andorra - Economy (Facts)
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 - real growth rate: 3.5% (2005 est.)
GDP (purchasing power parity): $2.77 billion (2005)
GDP (official exchange rate): NA
GDP - per capita (PPP): $38,800 (2005)
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): 3.2% (2005)
Labor force: 42,420 (2005)
Labor force - by occupation: agriculture: 0.3%
industry: 20.3%
services: 79.4% (2005)
Unemployment rate: 0% (1996 est.)
Budget: revenues: $333.5 million
expenditures: $386.6 million; including capital expenditures of NA (2005)
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
Agriculture - products: small quantities of rye, wheat, barley, oats, vegetables; sheep
Exports: $148.7 million f.o.b. (2005)
Exports - commodities: tobacco products, furniture
Exports - partners: Spain 59.5%, France 17.0% (2006)
Imports: $1.879 billion (2005)
Imports - commodities: consumer goods, food, electricity
Imports - partners: Spain 53.2%, France 21.1% (2006)
Debt - external: NA
Economic aid - recipient: $0
Currency: Euro (EUR)

Current Euro Exchange Rates
Historical Euro Exchange Rates
Chart Euro Exchange Rates
Currency code: EUR
Exchange rates: euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Current Time - Ranking Positions - Euro Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Current Time
Ranking Positions
Euro Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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