Andorra Economy - 2024

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: A- (2022)

Moody's rating: Baa2 (2022)

Standard & Poors rating: BBB+ (2023)

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)

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 -

Exchange rates:
0.845 (2021 est.)
0.885 (2017 est.)
0.903 (2016 est.)
0.921 (2015 est.)
0.885 (2014 est.)

note: while not an EU member state, Andorra has a 2011 monetary agreement with the EU to produce limited euro coinage—but not banknotes—that began enforcement in April 2012