Andorra:
Economy

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


Economy - overview	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)	$2.77 billion (2005)
GDP (official exchange rate)	$NA
GDP - real growth rate	3.5% (2005 est.)
GDP - per capita	$38,800 (2005)
GDP - composition by sector	agriculture: NA% industry: NA% services: NA%
Labor force	42,420 (2005)
Labor force - by occupation	agriculture: 0.3% industry: 20.3% services: 79.4% (2005)
Unemployment rate	0% (1996 est.)
Population below poverty line	NA%
Household income or consumption by percentage share	lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	3.2% (2005)
Budget	revenues: $333.5 million expenditures: $386.6 million (2005)
Agriculture - products	small quantities of rye, wheat, barley, oats, vegetables; sheep
Industries	tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture
Electricity - production	NA kWh
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
Exports	$148.7 million f.o.b. (2005)
Exports - commodities	tobacco products, furniture
Exports - partners	Spain 59.5%, France 17.0% (2006)
Imports	$1.879 billion (2005)
Imports - commodities	consumer goods, food, electricity
Imports - partners	Spain 53.2%, France 21.1% (2006)
Debt - external	$NA
Economic aid - recipient	$0
Currency (code)	euro (EUR)
Exchange rates	euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year	calendar year