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1994-05-02
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<text>
<title>
Andorra: Economy
</title>
<article><hdr>The World Factbook 1993: Andorra
Economy</hdr><body>
<p>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.
</p>
<p>National product: GDP - purchasing power equivalent - $760
million (1992 est.)
</p>
<p>National product real growth rate: NA% (1992 est.)
</p>
<p>National product per capita: $14,000 (1992 est.)
</p>
<p>Inflation rate (consumer prices): NA%
</p>
<p>Unemployment rate: 0%
</p>
<p>Budget: revenues $119.4 million; expenditures $190 million,
including capital expenditures of $NA (1990)
</p>
<list>
<l>Exports: $23 million (f.o.b., 1989)</l>
<l> commodities: electricity, tobacco products, furniture</l>
<l> partners: France, Spain</l>
<l>Imports: $888.7 million (f.o.b., 1989)</l>
<l> commodities: consumer goods, food</l>
<l> partners: France, Spain</l>
</list>
<p>External debt: $NA
</p>
<p>Industrial production: growth rate NA%
</p>
<p>Electricity: 35,000 kW capacity; 140 million kWh produced,
2,570 kWh per capita (1992)
</p>
<p>Industries: tourism (particularly skiing), sheep, timber,
tobacco, banking
</p>
<p>Agriculture: sheep raising; small quantities of tobacco, rye,
wheat, barley, oats, and some vegetables
</p>
<p>Economic aid: none
</p>
<p>Currency: the French and Spanish currencies are used
</p>
<p>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)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>