AndorrA/Economy

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 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 (1996 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $18,000 (1996 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): 1.62% (1998)

Labor force: 30,787 salaried employees (1998)

Labor force - by occupation: agriculture 1%, industry 21%, services 72%, other 6% (1998)

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: 116 million kWh (1998)

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

Electricity - consumption: NA kWh (1998 est.)

Electricity - exports: NA kWh

Electricity - imports: NA kWh; note - imports electricity from Spain and France

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

Exchange rates: euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); French francs (F) per US$1 - 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995); Spanish pesetas (Ptas) per US$1 - 143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66 (1996), 124.69 (1995)

Fiscal year: calendar year