Andorra

Tourism, the mainstay of Andorra’s tiny, well-to-do economy, accounts for more than 80% of GDP. An estimated 11 million tourists visit annually, attracted by Andorra’s duty-free status for some products and by its summer and winter resorts. Andorra’s comparative advantage eroded when the borders of neighboring France and Spain opened, 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.

$4.22 billion (2008)

$3.66 billion (2007)

$3.588 billion (2006)

$NA

2.6% (2008 est.)

2% (2007 est.)

3.5% (2005 est.)

$44,900 (2008)

$42,500 (2007)

$38,800 (2005)

42,220 (2008)

7% (2008)

0% (2007)

8% (2008)

2.3% (2008)

3.9% (2007)

small quantities of rye, wheat, barley, oats, vegetables; sheep

tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture

NA%

NA kWh

NA kWh

NA kWh

NA kWh; note - most electricity supplied by Spain and France; Andorra generates a small amount of hydropower

$89.5 million (2008)

$117.1 million (2007)

tobacco products, furniture

$1.801 billion (2008)

$1.789 billion (2007)

consumer goods, food, electricity

$NA

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7306 (2007), 0.7964 (2006)