Economy overview: Revenues from tourism, the main branch of Andorra’s small and prosperous economy, account for approximately 80% of GDP. The country is visited by about 9 million tourists a year, they are attracted by the duty-free regime, summer and winter resorts. Andorra’s relative advantage has recently faltered somewhat as the economies of neighboring France and Spain have opened up, making goods more widely available and lowering tariffs. The banking sector, which has the status of a “tax haven”, makes a significant contribution to the economy. The production of agricultural products is limited due to the lack of arable land, as a result of which most food products are imported. Sheep breeding plays a major role in livestock breeding. The industry is dominated by the production of cigarettes, cigars and furniture. Andorra is a member of the EU Customs Union. See businesscarriers.com to know more about Andorra Economics and Business.
GDP: Purchasing Power Parity $1.2 billion (1996 est.)
Real GDP growth rate: no data available.
GDP per capita: Purchasing Power Parity $18,000 (1996 est.)
Composition of GDP by sectors of the economy: agriculture: no data; industry: no data; service sector: no data.
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 1.62% (1998).
Labor force: 30,787 salaried employees (1998)
Employment structure: agriculture 1%, industry 21%, services 78% (1998).
Unemployment rate: 0%.
Budget: revenues: $385 million; expenditures: $342 million, including capital investments – n/a (1997).
Economic sectors: tourism (especially skiing), cattle breeding, timber production, tobacco industry, banking.
Growth in industrial production: no data available.
Electricity production: no data.
Sources of electricity generation: fossil fuels: no data available; hydropower: no data; nuclear fuel: no data; others: no data.
Electricity consumption: no data.
Export of electricity: no data.
Electricity import: no data; note: electricity is imported from Spain and France.
Agricultural products: tobacco in small quantities, rye, wheat, barley, oats, vegetables; sheep.
Export: $58 million (free on board, 1998)
Export articles: tobacco products, furniture.
Export partners: France 34%, Spain 58% (1998).
Imports: $1.077 billion (S.I.F., 1998)
Import items: consumer goods, food products, electricity.
Import partners: Spain 48%, France 35%, USA 2.3% (1998).
External debt: no data. Economic aid recipient: no.
Donor Economic Assistance:
Currency: french franc; Spanish peseta; Euro.
Currency code: FRF; ESP; EUR.
Exchange rate: EUR/USD – 1.0659 (January 2001), 1.0854 (2000), 0.9386 (1999); FRF/USD – 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995); ESP/USD – 149.40 (1998), 146.41 (1997), 126.66 (1996), 124.69 (1995).
Fiscal year: calendar year.
Telecommunications Phone lines: 32,946 (December 1998).
Mobile cell phones: 14,117 (December 1998).
Telephone system: internal: modern system with microwave relay communication between exchanges; international: landline network with France and Spain.
Broadcast stations: AM -0, FM -15, shortwave -0 (1998).
Radio receivers: 16,000 (1997).
Television broadcast stations: 0 (1997).
TVs: 27,000 (1997).
Internet country code: ad
Internet providers: 1 (2000).
Number of users: 5,000 (2000).