Overview: The mainstay of Andorra's economy is tourism. 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 significantly 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. Although it is a member of the EC 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 real growth rate: NA% (1992 est.)

National product per capita: $14,000 (1992 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: 0%

Budget: revenues $119.4 million; expenditures $190 million, including capital expenditures of $NA (1990)

External debt: $NA

Industrial production: growth rate NA%

Electricity: 35,000 kW capacity; 140 million kWh produced, 2,570 kWh per capita (1992)

Industries: tourism (particularly skiing), sheep, timber, tobacco, banking

Agriculture: sheep raising; small quantities of tobacco, rye, wheat, barley, oats, and some vegetables

Economic aid: none

Currency: the French and Spanish currencies are used

Exchange rates: French francs (F) per US$1 - 5.4812 (January 1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988); Spanish pesetas (Ptas) per US$1 - 114.59 (January 1993), 102.38 (1992), 103.91 (1991), 101.93 (1990), 118.38 (1989), 116.49 (1988)

Fiscal year: calendar year