Andorra:
Economy

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Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11.6 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 partial "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)	Definition - World rank and map $2.77 billion (2005)
GDP (official exchange rate)	Definition $NA
GDP - real growth rate	Definition - World rank and map 3.5% (2005 est.)
GDP - per capita	Definition - World rank and map $38,800 (2005)
GDP - composition by sector	Definition agriculture: NA% industry: NA% services: NA%
Labor force	Definition 42,420 (2005)
Labor force - by occupation	Definition agriculture: 0.3% industry: 20.3% services: 79.4% (2005)
Unemployment rate	Definition - World rank and map 0% (1996 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 3.2% (2005)
Budget	Definition revenues: $333.5 million expenditures: $386.6 million (2005)
Agriculture - products	Definition small quantities of rye, wheat, barley, oats, vegetables; sheep
Industries	Definition tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map NA kWh
Electricity - consumption	Definition - World rank and map NA kWh
Electricity - exports	Definition NA kWh
Electricity - imports	Definition NA kWh; note - most electricity supplied by Spain and France; Andorra generates a small amount of hydropower
Exports	Definition - World rank and map $148.7 million f.o.b. (2005)
Exports - commodities	Definition tobacco products, furniture
Imports	Definition - World rank and map $1.879 billion (2005)
Imports - commodities	Definition consumer goods, food, electricity
Debt - external	Definition - World rank and map $NA
Economic aid - recipient	Definition $0
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year