| ECONOMY |
| Overview |
Tourism, the mainstay
of Andorra's tiny, well-to-do economy, accounts for roughly
80% of GDP. An estimated 9 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 "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.
|
| GDP |
purchasing power parity - $1.3
billion (2000 est.) |
| GDP
- real growth rate |
3.8% (2000 est.) |
| GDP
- per capita |
purchasing power parity - $19,000
(2000 est.) |
| GDP
- composition by sector |
agriculture: NA%
industry: NA%
services: NA% |
| Population
below poverty line |
NA% |
| Inflation
rate (consumer prices) |
4.3% (2000) |
| Labor
force |
33,000 (2001 est.) |
| Labor
force - by occupation |
agriculture 1%, industry 21%,
services 78% (2000 est.) |
| Unemployment
rate |
0% |
| Industries |
tourism (particularly skiing),
cattle raising, timber, banking |
| Industrial
production growth rate |
NA% |
