Economy of Andorra
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| Economy of Andorra | |
| Currency | Euro (EUR) |
|---|---|
| Fiscal year | Calendar year |
| Trade organisations | EU customs union |
| Statistics | |
| GDP (PPP) | $1,84 billion (2004) (184th) |
| GDP growth | 4% (2004) |
| GDP per capita | $24,000 (2004) |
| GDP by sector | no data |
| Inflation (CPI) | 1.9% (May 2005) |
| Population below poverty line |
no data |
| Labour force | 48,740 (2004) |
| Labour force by occupation |
agriculture 0.34%, industry 19.63%, services 80.03% (2004) |
| Unemployment | 0% (1996) |
| Main industries | tourism (particularly skiing), cattle raising, timber, tobacco, banking |
| External | |
| Exports | $145 million (f.o.b., 2004) |
| Export goods | tobacco products, furniture |
| Main export partners | France 34%, Spain 58% (1998) |
| Imports | $1,077 million (c.i.f., 1998) |
| Import goods | consumer goods, food, electricity |
| Main import partners | Spain 51.5%, France 22.3%, US 0.3% (2003) |
| Public finances | |
| Public debt | no data |
| Revenues | $385 million (1997) |
| Expenses | $342 million (1997) |
| Economic aid | no data |
| Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars |
|
Andorra's GDP for 1998 was $1,2 billion, with tourism as its principal component. Attractive for shoppers from France and Spain as a free port, the country also has developed active summer and winter tourist resorts. With some 270 hotels and 400 restaurants, as well as many shops, the tourist trade employs a growing portion of the domestic labour force. An estimated 9 million tourists visit annually.
There is a fairly active trade in consumer goods, including imported manufactured items, which, because they are duty-free, are less expensive in Andorra than in neighboring countries. Andorra's duty free status also has had a significant effect on the controversy concerning its relationship with the European Union. Its negotiations on duty-free status and relationship with the Union began in 1987, soon after Spain joined. An agreement that went into effec