Andorra Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high GDP; low unemployment; non-EU Euro user; co-principality duty-free area between Spain and France; tourist hub but hit hard by COVID-19; modern, non-tax haven financial sector; looking for big tech investments; new member of SEPA and IMF

Real GDP (purchasing power parity)

$3.327 billion (2015 est.)

$3.363 billion (2014 est.)

$3.273 billion (2013 est.)

note: data are in 2012 US dollars

Real GDP growth rate

8.95% (2021 est.)

-11.18% (2020 est.)

2.02% (2019 est.)

Real GDP per capita

$49,900 (2015 est.)

$51,300 (2014 est.)

$50,300 (2013 est.)

GDP (official exchange rate)

$2.712 billion (2016 est.)

Inflation rate (consumer prices)

-0.9% (2015 est.)

-0.1% (2014 est.)

Credit ratings

Fitch rating: BBB+ (2018)

Standard & Poors rating: BBB (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 11.9% (2015 est.)

industry: 33.6% (2015 est.)

services: 54.5% (2015 est.)

Agricultural products

small quantities of rye, wheat, barley, oats, vegetables, tobacco, sheep, cattle

Industries

tourism (particularly skiing), banking, timber, furniture

Industrial production growth rate

-3.9% (2020 est.) NA

Labor force

39,750 (2016)

Labor force - by occupation

agriculture: 0.5%

industry: 4.4%

services: 95.1% (2015)

Unemployment rate

3.7% (2016 est.)

4.1% (2015 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $1.872 billion (2016)

expenditures: $2.06 billion (2016)

Budget surplus (+) or deficit (-)

-6.9% (of GDP) (2016)

Public debt

41% of GDP (2014 est.)

41.4% of GDP (2013 est.)

Taxes and other revenues

69% (of GDP) (2016)

Fiscal year

calendar year

Current account balance

$448.869 million (2020 est.)

$568.257 million (2019 est.)

Exports

$1.842 billion (2020 est.)

$2.335 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Spain 40%, France 19%, United States 11%, Mauritania 5% (2019)

Exports - commodities

integrated circuits, dental fitting supplies, cars, gold, essential oils (2021)

Imports

$1.727 billion (2020 est.)

$2.032 billion (2019 est.)

Imports - partners

Spain 71%, France 17% (2019)

Imports - commodities

cars, refined petroleum, perfumes, shaving products, liquors (2019)

Debt - external

$0 (2016)

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.885 (2017 est.)

0.903 (2016 est.)

0.921 (2015 est.)

0.885 (2014 est.)

NOTE: The information regarding Andorra on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Andorra 2023 information contained here. All suggestions for corrections of any errors about Andorra 2023 should be addressed to the CIA or the source cited on each page.