Overview: Tourism, the mainstay of Andorra's economy, accounts for roughly 80% of GDP. An estimated 13 million tourists visit annually, attracted by Andorra's duty-free status and by its summer and winter resorts. 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; it is unclear what effect the European Single Market will have on the advantages Andorra obtains from its duty-free status.

National product: GDP - purchasing power equivalent - $760 million (1992 est.)

National product real growth rate: NA%

National product per capita: $14,000 (1992 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: 0%

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

Exports: $30 million (f.o.b., 1993 est.)
commodities: electricity, tobacco products, furniture
partners: France, Spain

Imports: $NA
commodities: consumer goods, food
partners: France, Spain

External debt: $NA

Industrial production: growth rate NA%

Electricity:
capacity: 35,000 kW
production: 140 million kWh
consumption per capita: 2,570 kWh (1992)

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

Agriculture: sheep raising; small quantities of tobacco, rye, wheat, barley, oats, and some vegetables

Economic aid: 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 - 5.9205 (January 1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990), 6.3801 (1989); Spanish pesetas (Ptas) per US$1 - 143.04 (January 1994), 127.26 (1993), 102.38 (1992), 103.91 (1991), 101.93 (1990), 118.38 (1989)

Fiscal year: calendar year

NOTE: The information regarding Andorra on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 1995 information contained here. All suggestions for corrections of any errors about Andorra Economy 1995 should be addressed to the CIA.