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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 10 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 (1995 est.)

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$18,000 (1995 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): NA%

    Labor force: NA

    Unemployment rate: 0%

    Budget:
    revenues: $138 million
    expenditures: $177 million, including capital expenditures of $NA (1993)

    Industries: tourism (particularly skiing), sheep, timber, tobacco, banking

    Industrial production growth rate: NA%

    Electricity—production: 140 million kWh (1992)

    Electricity—production by source:
    fossil fuel: NA%
    hydro: NA%
    nuclear: NA%
    other: NA%

    Electricity—consumption: NA kWh

    Electricity—exports: NA kWh

    Electricity—imports: NA kWh

    Agriculture—products: tobacco, rye, wheat, barley, oats, vegetables; sheep

    Exports: $47 million (f.o.b., 1995)

    Exports—commodities: electricity, tobacco products, furniture

    Exports—partners: France 49%, Spain 47%

    Imports: $1 billion (1995)

    Imports—commodities: consumer goods, food

    Imports—partners: France, Spain, US 4.2%

    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: French francs (F) per US$1—5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995), 5.5520 (1994); Spanish pesetas (Ptas) per US$1—143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66 (1996), 124.69 (1995), 133.96 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)