Andorra Economy 2011

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Page last updated on January 12, 2011

Economy - overview:
Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11 million tourists visit annually, attracted by Andorra's duty-free status for some products and by its summer and winter resorts. Andorra's comparative advantage eroded when the borders of neighboring France and Spain opened, 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):
$4.22 billion (2008)
country comparison to the world: 166

$3.66 billion (2007)
$3.588 billion (2006)
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.6% (2008 est.)
country comparison to the world: 136

2% (2007 est.)
3.5% (2005 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$44,900 (2008)
country comparison to the world: 13

$42,500 (2007)
$38,800 (2005)
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: NA%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: NA%
[see also: GDP - composition by sector - industry country ranks ]
services: NA%
[see also: GDP - composition by sector - services country ranks ]

Labor force:
42,220 (2008)
country comparison to the world: 194
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 81% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7% (2008)
country comparison to the world: 69

0% (2007)
[see also: Unemployment rate country ranks ]

Population below poverty line:
8% (2008)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

revenues: $531.6 million
[see also: Budget - revenues country ranks ]
expenditures: $531.6 million (2008)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
2.3% (2008)
country comparison to the world: 68

3.9% (2007)
[see also: Inflation rate (consumer prices) country ranks ]

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

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

Industrial production growth rate:
[see also: Industrial production growth rate country ranks ]

Electricity - production:
NA kWh
[see also: Electricity - production country ranks ]

Electricity - consumption:
NA kWh
[see also: Electricity - consumption country ranks ]

Electricity - exports:
NA kWh
[see also: Electricity - exports country ranks ]

Electricity - imports:
NA kWh; note - most electricity supplied by Spain and France; Andorra generates a small amount of hydropower
[see also: Electricity - imports country ranks ]

$89.5 million (2008)
country comparison to the world: 196

$117.1 million (2007)
[see also: Exports country ranks ]

Exports - commodities:
tobacco products, furniture

$1.801 billion (2008)
country comparison to the world: 155

$1.789 billion (2007)
[see also: Imports country ranks ]

Imports - commodities:
consumer goods, food, electricity

Debt - external:
[see also: Debt - external country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7306 (2007), 0.7964 (2006)

NOTE: The information regarding Andorra on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2011 information contained here. All suggestions for corrections of any errors about Andorra Economy 2011 should be addressed to the CIA.

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This page was last modified 09-Feb-11
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