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    Andorra Index 2006

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    Andorra Economy - 2006

      Economy - overview:
      Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11.6 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 partial "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):
      $1.84 billion (2004)

      GDP (official exchange rate):

      GDP - real growth rate:
      4% (2004 est.)

      GDP - per capita (PPP):
      $24,000 (2004)

      GDP - composition by sector:
      agriculture: NA%
      industry: NA%
      services: NA%

      Labor force:
      48,740 (2004)

      Labor force - by occupation:
      agriculture: 0.34%
      industry: 19.63%
      services: 80.03% (2004)

      Unemployment rate:
      0% (1996 est.)

      Population below poverty line:

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      3.4% (2004)

      revenues: $373.5 million
      expenditures: $373.5 million; including capital expenditures of $NA (2004)

      Agriculture - products:
      small quantities of rye, wheat, barley, oats, vegetables; sheep

      tourism (particularly skiing), cattle raising, timber, banking

      Industrial production growth rate:

      Electricity - production:
      NA kWh

      Electricity - consumption:
      NA kWh

      Electricity - exports:
      NA kWh

      Electricity - imports:
      NA kWh; note - most electricity supplied by Spain and France; Andorra generates a small amount of hydropower

      $145 million f.o.b. (2004)

      Exports - commodities:
      tobacco products, furniture

      Exports - partners:
      Spain 58%, France 34% (2004)

      $1.077 billion (1998)

      Imports - commodities:
      consumer goods, food, electricity

      Imports - partners:
      Spain 51.5%, France 22.3%, US 0.3% (2004)

      Debt - external:

      Economic aid - recipient:

      Currency (code):
      euro (EUR)

      Exchange rates:
      euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

      Fiscal year:
      calendar year

      NOTE: The information regarding Andorra on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2006 information contained here. All suggestions for corrections of any errors about Andorra Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)