Andorra

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Introduction - Andorra:
Location - Andorra:
People - Andorra:
Government - Andorra:
Economy - Andorra:

Economy overview

Tourism, the mainstay of Andorras tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11.6 million tourists visit annually, attracted by Andorras duty-free status and by its summer and winter resorts. Andorras 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 official exchange rate

NA

Gdp real growth rate

3.5% (2005 est.)

Gdp per capita ppp

$38,800 (2005)

Gdp composition by sector

agriculture: NA%
industry: NA%
services: NA%

Labor force

42,420 (2005)

Labor force by occupation

agriculture: 0.3%
industry: 20.3%
services: 79.4% (2005)

Unemployment rate

0% (1996 est.)

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)

Budget

revenues: $333.5 million
expenditures: $386.6 million; including capital expenditures of $NA (2005)

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

$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 code

euro (EUR)

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Andorra:
Transportation - Andorra:
Military - Andorra:
This page was last updated on 16 September, 2007
Source: CIA >>>


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