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Andorra

Andorra : economy statistics and industry reports

  • Updated on : 06 August 2012  Source : The World Factbook

Imports

$1.474 billion (2009)
$1.801 billion (2008)

Exports

$64 million (2009)
$89.5 million (2008)

Inflation rate (consumer prices)

1.6% (2010)
0% (2009)

Unemployment rate

2.9% (2009)
2.7% (2008)

GDP - per capita (PPP)

$37,200 (2011 est.)
$37,700 (2010 est.)
$38,500 (2009 est.)

National product real growth rate

2.6% (2008 est.)
2% (2007 est.)
3.5% (2005 est.)

Internet users

67,100 (2009)

Telephones - mobile cellular

65,500 (2009)

Population growth rate

0.274% (2012 est.)

Population

85,082 (July 2012 est.)

Historical background

For 715 years, from 1278 to 1993, Andorrans lived under a unique co-principality, ruled by French and Spanish leaders (from 1607 onward, the French chief of state and the Spanish bishop of Seu d'Urgell).

In 1993, this feudal system was modified with the titular heads of state retained, but the government transformed into a parliamentary democracy.

For decades Andorra enjoyed its status as a small refuge of fiscal and banking freedom and benefitted from Spanish and French tourists attracted to the country's duty-free shopping.

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Andorra

Economic overview

Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for more than 80% of GDP.

An estimated 11 million tourists visit annually, attracted by Andorra's duty-free status for some products and by its summer and winter resorts.

Andorra's comparative advantage eroded when the borders of neighboring France and Spain opened, providing broader availability of goods and lower tariffs.

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