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    Andorra Economy - 2003

      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 - 1.0626 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

      Fiscal year: calendar year

      NOTE: The information regarding Andorra on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Andorra Economy 2003 should be addressed to the CIA.

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    Revised 20-Sep-03
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