Overview:
Tourism, the mainstay of Andorra's economy, accounts for roughly 80%
of GDP. An estimated 13 million tourists visit annually, attracted by Andorra's
duty-free status and by its summer and winter resorts. 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; it is unclear
what effect the European Single Market will have on the advantages Andorra
obtains from its duty-free status.
National product: GDP - purchasing power equivalent - $760 million (1992 est.)
National product per capita: $14,000 (1992 est.)
Budget:
revenues $138 million
expenditures $177 million (1993)
Exports: $30 million (f.o.b., 1993 est.)
commodities electricity, tobacco products, furniture
partners France,Catalonia, Spain
Electricity:
capacity 35,000 kW
production 140 million kWh
consumption per capita 2,570 kWh (1992)
Industries: tourism (particularly skiing), sheep, timber, tobacco, banking
Agriculture: sheep raising; small quantities of tobacco, rye, wheat, barley, oats, and some vegetables
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