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Andorra Economy 1996

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 parity - $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:

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 - 5.2943 (January 1995), 5,5520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990); Spanish pesetas (Ptas) per US$1 - 132.61 (January 1995), 133.96 (1994), 127.26 (1993), 102.38 (1992), 103.91 (1991), 101.93 (1990)

Fiscal year:

calendar year

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