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For 715 years, from 1278 to 1993, Andorrans lived under a unique co-principality, ruled by French and Spanish leaders (from 1607 onward, the French chief of state and the Spanish bishop of Seu d'Urgell). In 1993, this feudal system was modified with the titular heads of state retained, but the government transformed into a parliamentary democracy. For decades Andorra enjoyed its status as a small refuge of fiscal and banking freedom and benefitted from Spanish and French tourists attracted to the country's duty-free shopping. The situation has changed in recent years as Andorra started to tax foreign investment and other sectors. Tourism accounts for over 80% of Andorra's gross domestic product.


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Economy

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) World Ranking: 176
$3.169 billion (2011 est.)
$3.227 billion (2010 est.)
$3.3 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$NA

Gdp - real growth rate World Ranking: 208
-1.8% (2011 est.)
-2.2% (2010 est.)
3.8% (2009 est.)

Gdp - per capita (ppp) World Ranking: 31
$37,200 (2011 est.)
$37,700 (2010 est.)
$38,500 (2009 est.)

Gdp - composition by sector
Agriculture NA%
Industry NA%
Services NA%

Labor force World Ranking: 200
38,220 (2010)

Labor force - by occupation
Agriculture 0.4%
Industry 4.7%
Services 94.9% (2010)

Unemployment rate World Ranking: 24
2.9% (2009)
2.7% (2008)

Population below poverty line
NA (2008)

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $872 million
Expenditures $868.4 million (2009)

Inflation rate (consumer prices) World Ranking: 17
1.6% (2010)
0% (2009)

Agriculture - products
Small quantities of rye, wheat, barley, oats, vegetables; sheep

Industries
Tourism (particularly skiing), cattle raising, timber, banking, tobacco, furniture

Industrial production growth rate
NA%

Electricity - production World Ranking: 191
101 million kWh (2009)

Electricity - consumption World Ranking: 159
598.7 million kWh (2009)

Electricity - exports
9 million kWh (2009)

Electricity - imports
497.7 million kWh
Note
Most electricity supplied by Spain and France; Andorra generates a small amount of hydropower (2009)

Exports World Ranking: 195
$64 million (2009)
$89.5 million (2008)

Exports - commodities
Tobacco products, furniture

Imports World Ranking: 167
$1.474 billion (2009)
$1.801 billion (2008)

Imports - commodities
Consumer goods, food, electricity

Debt - external
$NA

Exchange rates
Euros (EUR) per US dollar -
0.7194 (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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  Andorra (Andorra La Vella):


  GPS points from Andorra (Andorra La Vella)

Pic De Las Neras Andorra (general)

Bosc De Moreto Andorra (general)

Les Llanasques Andorra (general)

Torrent De La Molina Andorra (general)

Clot Del Saltader Andorra (general)

Bosc De La Cabeca Andorra (general)

Els Canalons Andorra (general)

Les Vallees D' Andorre Parroquia D'andorra La Vella




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