Economy - overview Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for roughly 80% of GDP. An estimated 9 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 "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 - $1.3 billion (2000 est.)

GDP - real growth rate 3.8% (2000 est.)

GDP - per capita purchasing power parity - $19,000 (2000 est.)

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

Population below poverty line NA%

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

Inflation rate (consumer prices) 4.3% (2000)

Labor force 33,000 (2001 est.)

Labor force - by occupation agriculture 1%, industry 21%, services 78% (2000 est.)

Unemployment rate 0%

Budget
revenues: $385 million
expenditures: $342 million, including capital expenditures of $NA (1997)

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

Industrial production growth rate NA%

Electricity - production by source
fossil fuel: NA%
other: NA%
nuclear: NA%
hydro: NA%

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

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

Exports $58 million (f.o.b., 1998)

Exports - commodities tobacco products, furniture

Exports - partners France 34%, Spain 58% (1998)

Imports $1.077 billion (c.i.f., 1998)

Imports - commodities consumer goods, food, electricity

Imports - partners Spain 48%, France 35%, US 2.3% (1998)

Debt - external $NA

Economic aid - recipient none

Currency euro (EUR); French franc (FRF); Spanish peseta (ESP)

Currency code EUR; FRF; ESP

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); French francs per US dollar - 5.8995 (1998), 5.8367 (1997); Spanish pesetas per US dollar - 149.40 (1998), 146.41 (1997)

Fiscal year calendar year

NOTE: The information regarding Andorra on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2002 information contained here. All suggestions for corrections of any errors about Andorra Economy 2002 should be addressed to the CIA.