Economy - overview:
Tourism, retail sales, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP. About 9 million tourists visit annually, attracted by Andorra's duty-free status for some products and by its summer and winter resorts. The banking sector also contributes substantially to the economy. Andorra's comparative advantage as a tax haven eroded when the borders of neighboring France and Spain opened; its bank secrecy laws have been relaxed under pressure from the EU and OECD. Agricultural production is limited - only 2% of the land is arable - and most food has to be imported, making the economy vulnerable to changes in fuel and food prices. The principal livestock activity is sheep raising. Manufacturing output and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, 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. Andorra uses the euro and is effectively subject to the monetary policy of the European Central Bank. Slower growth in Spain and France has dimmed Andorra's prospects. In 2010 and 2011 a drop in tourism contributed to a contraction in GDP and a deterioration of public finances, prompting the government to implement several austerity measures.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Inflation rate (consumer prices): Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Exports: Exports - commodities: Imports: Imports - commodities: Debt - external: Exchange rates:
NOTE: 1) The information regarding Andorra on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Andorra Economy 2012 information contained here. All suggestions for corrections of any errors about Andorra Economy 2012 should be addressed to the CIA.
$3.169 billion (2011 est.)
country comparison to the world: 175
[see also: GDP country ranks ]
$NA
[see also: GDP (official exchange rate) country ranks ]
-1.8% (2011 est.)
country comparison to the world: 205
[see also: GDP - real growth rate country ranks ]
$37,200 (2011 est.)
country comparison to the world: 30
[see also: GDP - per capita country ranks ]
agriculture: NA%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: NA%
[see also: GDP - composition by sector - industry country ranks ]
services: NA%
[see also: GDP - composition by sector - services country ranks ]
38,220 (2010)
country comparison to the world: 199
[see also: Labor force country ranks ]
agriculture: 0.4%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 4.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 94.9% (2010)
[see also: Labor force - by occupation - services country ranks ]
2.9% (2009)
country comparison to the world: 23
[see also: Unemployment rate country ranks ]
NA (2008)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
revenues: $872 million
[see also: Budget revenues country ranks ]
expenditures: $868.4 million (2009)
[see also: Budget expenditures country ranks ]
1.6% (2010)
country comparison to the world: 14
[see also: Inflation rate (consumer prices) country ranks ]
small quantities of rye, wheat, barley, oats, vegetables; sheep
tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture
NA%
[see also: Industrial production growth rate country ranks ]
101 million kWh (2009)
country comparison to the world: 192
[see also: Electricity - production country ranks ]
598.7 million kWh (2009)
country comparison to the world: 160
[see also: Electricity - consumption country ranks ]
9 million kWh (2009)
[see also: Electricity - exports country ranks ]
497.7 million kWh
note: most electricity supplied by Spain and France; Andorra generates a small amount of hydropower (2009)
[see also: Electricity - imports country ranks ]
$64 million (2009)
country comparison to the world: 196
[see also: Exports country ranks ]
tobacco products, furniture
$1.474 billion (2009)
country comparison to the world: 167
[see also: Imports country ranks ]
consumer goods, food, electricity
$NA
[see also: Debt - external country ranks ]
euros (EUR) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12