| Economy | Andorra |
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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):
|
$3.169 billion (2011 est.)
$3.227 billion (2010 est.)
$3.3 billion (2009 est.) |
GDP - per capita (PPP):
|
$37,200 (2011 est.)
$37,700 (2010 est.)
$38,500 (2009 est.) |
GDP (official exchange rate):
|
$NA |
GDP - real growth rate:
|
-1.8% (2011 est.)
-2.2% (2010 est.)
3.8% (2009 est.) |
GDP - composition by sector:
|
agriculture: NA%
industry: NA%
services: NA% |
Investment (gross fixed):
|
void |
Population below poverty line:
|
NA (2008) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
1.6% (2010)
0% (2009) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
void |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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38,220 (2010) |
Labor force participation rate:
|
45.06 % of population |
Labor force - by occupation:
|
agriculture: 0.4%
industry: 4.7%
services: 94.9% (2010) |
Unemployment rate:
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2.9% (2009)
2.7% (2008) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $872 million
expenditures: $868.4 million (2009) |
Budget revenues per capita:
|
10,280 USD per capita |
Taxes and other revenues:
|
void |
Budget surplus (+) or deficit (-):
|
void |
Public debt:
|
void |
Industries:
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tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
101 million kWh (2009) |
Electricity - production per capita:
|
1,191 kWh per capita |
Electricity - consumption:
|
598.7 million kWh (2009) |
Electricity - consumption - per capita:
|
7,059 kWh per capita |
Electricity - exports:
|
9 million kWh (2009) |
Electricity - imports:
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497.7 million kWh
note: most electricity supplied by Spain and France; Andorra generates a small amount of hydropower (2009) |
Oil - production:
|
void |
Oil - production per capita:
|
void |
Oil - consumption:
|
void |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
void |
Natural gas - production:
|
void |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
void |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
void |
Agriculture - products:
|
small quantities of rye, wheat, barley, oats, vegetables; sheep |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$64 million (2009)
$89.5 million (2008) |
Exports per capita:
|
755 USD per capita |
Exports - commodities:
|
tobacco products, furniture |
Exports - partners:
|
void |
Imports:
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$1.474 billion (2009)
$1.801 billion (2008) |
Imports per capita:
|
17,377 USD per capita |
Imports - commodities:
|
consumer goods, food, electricity |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$NA |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
|
euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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