Andorra Business

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.

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

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

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

Currency (code)
euro (EUR)

Currency Exchange rates (est.): euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity):  $1.9 billion (2003 est.)
GDP - real growth rate: 2% (2003 est.)
GDP - per capita: purchasing power parity - $26,800 (2003 est.)

Imports / Exports
Imports: $1.077 billion (1998)
Imports - commodities: consumer goods, food, electricity
Imports - partners: Spain 48%, France 35%, US 2.3% (2000)

Exports: $58 million f.o.b. (1998)
Exports - commodities: tobacco products, furniture
Exports - partners:  Spain 58%, France 34% (2000)

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

Inflation Rate
Inflation rate (consumer prices): 4.3% (2000)

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force
Labor force: 33,000 (2001 est.)
Labor force - by occupation: agriculture 1%, industry 21%, services 78% (2000 est.)
Unemployment rate: 0%