Europe > Andorra > Economy

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Agriculture > products small quantities of rye, wheat, barley, oats, vegetables; sheep
Budget > Expenditures	$386,600,000.00		[153rd of 165]
Budget > Revenues	$333,500,000.00		[151st of 166]
Central bank Institut Nacional Andorra de Finances
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.
Exchange rates euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)
Exports	$148,700,000.00		[160th of 189]
Exports > Commodities tobacco products, furniture
Exports to US	$0.00		[217th of 224]
GDP	$1,300,000,000.00		[151st of 203]
GDP (purchasing power parity)	$2,770,000,000.00		[168th of 187]
GDP > Real growth rate	3.5%		[126th of 198]
Imports	$1,879,000,000.00		[129th of 185]
Inflation rate (consumer prices)	3.2%		[109th of 192]
International tourism, number of arrivals	2,418,000		[48th of 190]
Tourist arrivals by region of origin > Europe	2,418,409		[30th of 195]
Trade balance with US	$2,300,000.00		[76th of 224]
World Trade > Exports > Passenger cars etc	17,503		[49th of 110]
World Trade > Imports > Mech transmission equipment	110		[133rd of 137]
World Trade > Imports > Special transactions nes	1,913		[75th of 118]

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