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 - 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 - $1.3 billion (2000 est.)
GDP - real growth rate:
3.8% (2000 est.)
GDP - per capita:
purchasing power parity - $19,000 (2000 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):
4.3% (2000)
Labor force:
33,000 (2001 est.)
Labor force - by occupation:
agriculture 1%, industry 21%, services 78% (2000 est.)
Unemployment rate:
0%
Budget:
revenues: $385 million
expenditures: $342 million, including capital expenditures of $NA
(1997)
Industries:
tourism (particularly skiing), cattle raising, timber, banking
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - production by source:
fossil fuel: 0%
hydro: 0%
other: 0%
nuclear: 0%
Electricity - consumption:
NA kWh
Electricity - exports:
0 kWh (2002)
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:
$58 million f.o.b. (1998)
Exports - commodities:
tobacco products, furniture
Exports - partners:
Spain 58%, France 34% (2000)
Imports:
$1.077 billion (1998)
Imports - commodities:
consumer goods, food, electricity
Imports - partners:
Spain 48%, France 35%, US 2.3% (2000)
Debt - external:
$NA
Economic aid - recipient:
none
Currency:
euro (EUR)
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94
(1999)
Fiscal year:
calendar year