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 by a scarcity of arable land, and most food has to be
imported. The principal livestock activity is sheep raising.
Manufacturing 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.

purchasing power parity - $1.2 billion (1996 est.)

NA%

purchasing power parity - $18,000 (1996 est.)

agriculture: NA%
industry: NA%
services: NA%

NA%

lowest 10%: NA%
highest 10%: NA%

1.62% (1998)

30,787 salaried employees (1998)

agriculture 1%, industry 21%, services
72%, other 6% (1998)

0%

revenues: $385 million
expenditures: $342 million, including capital expenditures of $NA
(1997)

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

NA%

116 million kWh (1998)

fossil fuel: NA%
hydro: NA%
nuclear: NA%
other: NA%

NA kWh (1998 est.)

NA kWh

NA kWh; note - imports electricity from Spain
and France

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

$58 million (f.o.b., 1998)

tobacco products, furniture

France 34%, Spain 58% (1998)

$1.077 billion (c.i.f., 1998)

consumer goods, food, electricity

Spain 48%, France 35%, US 2.3% (1998)

$NA

none

1 French franc (F) = 100 centimes; 1 peseta (Pta) = 100
centimos; the French and Spanish currencies are used

euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
French francs (F) per US$1 - 5.65 (January 1999), 5.8995 (1998),
5.8367 (1997), 5.1155 (1996), 4.9915 (1995); Spanish pesetas (Ptas)
per US$1 - 143.39 (January 1999), 149.40 (1998), 146.41 (1997), 126.66
(1996), 124.69 (1995)

calendar year