A (Domestic) A (Foreign) AAA (T&C Assessment) (Standard & Poor's)[5]
Main data source:CIA World Fact Book All values, unless otherwise stated, are in US dollars.
The economy of Andorra is a developed and free market economy driven by finance, retail, and tourism.[6] The country's gross domestic product (GDP) was US$5.70 billion in 2023.[2] Attractive for shoppers from France and Spain as a free port, Andorra also has developed active summer and winter tourist resorts.[7] With some 270 hotels and 400 restaurants, as well as many shops, the tourist trade employs a growing portion of the domestic labour force.[7] An estimated 10 million tourists visit annually.[8]
There is a fairly active trade in consumer goods, including imported manufactured items, which, because they are duty-free, are less expensive in Andorra than in neighboring countries.[7] Andorra's duty-free status also has had a significant effect on the controversy concerning its relationship with the European Union (EU).[7] Its negotiations on duty-free status and relationship with the EU began in 1987, soon after Spain joined.[7] An agreement that went into effect in July 1991 sets duty-free quotas and places limits on certain items – mainly milk products, tobacco products and alcoholic beverages.[7] Andorra is permitted to maintain price differences from other EU countries, and visitors enjoy limited duty-free allowances.[7]
The results of Andorra's elections thus far indicate that many support the government's reform initiatives and believe the country must, to some degree, integrate into the European Union in order to continue to enjoy its prosperity.[7] Although arable land comprises less than 2% of the country, agriculture was the mainstay of the Andorran economy until the upsurge in tourism.[7] Sheep raising has been the principal agricultural activity, but tobacco growing is lucrative.[7] Most of Andorra's food is imported.[7]
In addition to handicrafts, manufacturing includes cigars, cigarettes and furniture for domestic and export markets. A hydroelectric plant at Les Escaldes, with a capacity of 26.5 megawatts, provides 40% of Andorra's electricity; Spain provides the rest.[7]
^"Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
^ abcde"Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
^ abc"The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
^"Human Development Report 2021/2022" (PDF). United Nations Development Programme. 8 September 2022. Retrieved 27 September 2023.
^"Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^"Andorra". The World Facebook. CIA. Retrieved 29 October 2019.
^ abcdefghijkl"Background Note: Andorra". U.S. Department of State. May 2000. Archived from the original on June 5, 2002. This article incorporates text from this source, which is in the public domain.{{cite web}}: CS1 maint: postscript (link)
^"Andorra Country profile". bbc.com. 4 October 2023. Retrieved 7 April 2024.
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Global Information
77,543 (1 January 2020 est.)[1]
0.9% (CPI, 2015 est.)
This article incorporates text from this source, which is in the public domain.