Economy - overview Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for roughly 80% of GDP. An estimated 10 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 by a scarcity of arable land, and most food has to be imported. The principal livestock activity is sheep raising. Manufacturing 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 - $1.2 billion (1995 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $18,000 (1995 est.)

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

Inflation rate - consumer price index NA%

Labor force NA

Unemployment rate 0%

Budget
revenues: $138 million
expenditures: $177 million, including capital expenditures of $NA (1993)

Industries tourism (particularly skiing), sheep, timber, tobacco, banking

Industrial production growth rate NA%

Electricity - capacity 35,000 kW (1992)

Electricity - production 140 million kWh (1992)

Electricity - consumption per capita NA kWh; note - Andorra exports most of its electricity to France and Spain

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

Exports
total value: $47 million (f.o.b., 1995)
commodities: electricity, tobacco products, furniture
partners: France 49%, Spain 47%

Imports
total value: $1 billion (1995)
commodities: consumer goods, food
partners: France, Spain, US 4.2%

Debt - external $NA

Economic aid none

Currency 1 French franc (F) = 100 centimes; 1 peseta (Pta) = 100 centimos; the French and Spanish currencies are used

Exchange rates French francs (F) per US$1 - 6.0836 (January 1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995), 5.5520 (1994), 5.6632 (1993); Spanish pesetas (Ptas) per US$1 - 153.94 (January 1998), 146.41 (1997), 126.66 (1996), 124.69 (1995), 133.96 (1994), 127.26 (1993)

Fiscal year calendar year

NOTE: The information regarding Andorra on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 1998 information contained here. All suggestions for corrections of any errors about Andorra Economy 1998 should be addressed to the CIA.