| Economy of Andorra | |
| Currency | Euro (EUR) |
|---|---|
| Fiscal year | Calendar year |
| Trade organisations | EU customs union |
| Statistics | |
| GDP (PPP) | $1,84 billion (2004) (184th) |
| GDP growth | 4% (2004) |
| GDP per capita | $24,000 (2004) |
| GDP by sector | no data |
| Inflation (CPI) | 1. Please update other articles as well to avoid contradiction within Wikipedia e The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in A customs union is a Free trade area with a Common external tariff. The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. There are three lists of Countries of the world sorted by their Gross domestic product (GDP (the value of all final goods and services produced within a nation In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer 9% (May 2005) |
| Population below poverty line |
no data |
| Labour force | 48,740 (2004) |
| Labour force by occupation |
agriculture 0. The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country 34%, industry 19. 63%, services 80. 03% (2004) |
| Unemployment | 0% (1996) |
| Main industries | tourism (particularly skiing), cattle raising, timber, tobacco, banking |
| External | |
| Exports | $145 million (f. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. o. b. , 2004) |
| Export goods | tobacco products, furniture |
| Main export partners | France 34%, Spain 58% (1998) |
| Imports | $1,077 million (c. i. f. , 1998) |
| Import goods | consumer goods, food, electricity |
| Main import partners | Spain 51. 5%, France 22. 3%, US 0. 3% (2003) |
| Public finances | |
| Public debt | no data |
| Revenues | $385 million (1997) |
| Expenses | $342 million (1997) |
| Economic aid | no data |
| Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars |
|
Andorra's GDP for 1998 was $1,2 billion, with tourism as its principal component. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Attractive for shoppers from France and Spain as a free port, the country also has developed active summer and winter tourist resorts. This article is about the country For a topic outline on this subject see List of basic France topics. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. A free port ( porto franco) or free zone (US Foreign-Trade Zone is a port or area with relaxed jurisdiction with respect to the country of location With some 270 hotels and 400 restaurants, as well as many shops, the tourist trade employs a growing portion of the domestic labour force. An estimated 9 million tourists visit annually.
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. Andorra's duty free status also has had a significant effect on the controversy concerning its relationship with the European Union. The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in Its negotiations on duty-free status and relationship with the Union began in 1987, soon after Spain joined. An agreement that went into effect in July 1991 sets duty-free quotas and places limits on certain items--mainly milk products, tobacco, and alcoholic beverages. Andorra is permitted to maintain price differences from other EU countries, and visitors enjoy limited duty-free allowances.
The results of Andorra's elections thus far indicate that many support the government's reform initiatives and believe Andorra must, to some degree, integrate into the European Union in order to continue to enjoy its prosperity. Although less than 2% of the land is arable, agriculture was the mainstay of the Andorran economy until the upsurge in tourism. In Geography, arable land (from Latin arare, to Plough) is an agricultural term meaning land that can be used for Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture Sheep raising has been the principal agricultural activity, but tobacco growing is lucrative. Most of Andorra's food is imported.
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.
Overview
Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for roughly 80% of GDP. Tourism is Travel for Recreational or Leisure purposes The World Tourism Organization defines tourists as people who "travel An estimated 9 million tourists visit annually, attracted by Andorra's duty-free status and by its summer and winter resorts. Andorra's comparative advantage has recently eroded as the economies of neighboring France and Spain have been opened up, providing broader availability of goods and lower tariffs. The banking sector, with its "tax haven" status, also contributes substantially to the economy. A tax haven is a place where certain Taxes are levied at a low rate or not at all Agricultural production is limited by a scarcity of arable land, and most food has to be imported. In Geography, arable land (from Latin arare, to Plough) is an agricultural term meaning land that can be used for The principal livestock activity is sheep raising. Manufacturing consists mainly of cigarettes, cigars, and furniture. Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods (no tariffs) and as a non-EU member for agricultural products. A customs union is a Free trade area with a Common external tariff.
Statistics
GDP: purchasing power parity - $2,77 billion (2005)
GDP - real growth rate: 3. 5% (2005 est. )
GDP - per capita: purchasing power parity - $38 800 (2005)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices): 3,2% (2005)
Labor force: 42 420 (2005)
Labor force - by occupation: agriculture 0,3%, industry 20,3%, services 79. 4% (2005)
Unemployment rate: 0% (1996 est. )
Budget:
revenues: $333. 5 million
expenditures: $386. 6 million, including capital expenditures of $NA (2005)
Industries: tourism (particularly skiing), cattle raising, timber, tobacco, banking, furniture
Industrial production growth rate: NA%
Electricity - production: 116 GWh (1998)
Electricity - production by source:
fossil fuel: 0%
hydro: 40%
nuclear: 0%
other: 60% imported from Spain
Electricity - consumption: NA kWh (1998 est. )
Electricity - exports: 0 kWh
Electricity - imports: NA kWh; note - imports electricity from Spain and France
Agriculture - products: small quantities of tobacco, rye, wheat, barley, oats, vegetables; sheep
Exports: $148. 7 million f. o. b. (2005)
Exports - commodities: tobacco products, furniture
Exports - partners: France 17%, Spain 59. 5% (2006)
Imports: $1. 879 billion (2005)
Imports - commodities: consumer goods, food, electricity
Imports - partners: Spain 53,2%, France 21,1% (2006)
Debt - external: $NA
Economic aid - recipient: none
Currency: Euros have replaced the French franc and the Spanish peseta.
Exchange rates: euros per US dollar - 0. 7964 (2006), 0. 8041 (2005), 0. 8054 (2004), 0. 886 (2003), 1. 0626 (2002), 1,1175 (2001), 0,9867 (January 2000), 0,9386 (1999)
References
- This article contains material from the CIA World Factbook which, as a U. The World Factbook ( ISSN; also known as the CIA World Factbook) is an annual publication of the Central Intelligence Agency of the S. government publication, is in the public domain. The public domain is a range of abstract materials &ndash commonly referred to as Intellectual property &ndash which are not owned or controlled by anyone
- This article contains material from the US Department of State's Background Notes which, as a US government publication, is in the public domain. The Background Notes series is a collection of works by the United States Department of State. The public domain is a range of abstract materials &ndash commonly referred to as Intellectual property &ndash which are not owned or controlled by anyone
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