Countryguidebook 
Hainan, China
ANDORRA
COUNTRIES A-Z
Andorra Economy
Country Name: Principality of Andora
Capital City: Andorra la Vella
Population: 71,201 (2006)
Population Growth: 0.89% (2006)
Currency: euro (EUR)
Languages: Catalan
Area: 468 sq km
Inflation Rate: 3.2% (2005)
Unemployment Rate: 0% (1996)
Domain extension: .ad
ECONOMIC DETAILS OF ANDORRA
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.
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:
$2.77 billion (2005)
GDP - real growth rate:
3.5% (2005 est.)
GDP - per capita:
$38,800 (2005)
GDP - by sector (agriculture):
agriculture: NA%
GDP - by sector (industry):
industry: NA%
GDP - by sector (services):
services: NA%
Export Partners:
Spain 59.5%, France 17.0% (2006)
Import Partners:
Spain 53.2%, France 21.1% (2006)
Export Commodities:
tobacco products, furniture
Import Commodities:
consumer goods, food, electricity
Exports Volume:
$148.7 million f.o.b. (2005)
Imports Volume:
$1.879 billion (2005)
Labour Force:
42,420 (2005)
Unemployment Rate:
0% (1996 est.)
Population below poverty line:
NA%
Inflation Rate:
3.2% (2005)
Investment (gross fixed):
Public Debt:
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
Oil - production:
Oil - consumption:
Oil - exports:
Oil - imports:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
Currency Code:
euro (EUR)