Andorra - Economy
How is the economy of Andorra? Based on the information we have, Andorra has a high GDP; low unemployment; non-EU Euro user; co-principality duty-free area between Spain and France; tourist hub but hit hard by COVID-19; modern, non-tax haven financial sector; looking for big tech investments; new member of SEPA and IMF. Key agricultural products in this country include: small quantities of rye, wheat, barley, oats, vegetables, tobacco, sheep, cattle.
More about the economy of Andorra
| Labor force | |
|---|---|
| Industrial production growth rate | 6% (2024 est.) |
| Industries | tourism (particularly skiing), banking, timber, furniture |
| Population below poverty line | |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.951 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Current account balance | |
| Current account balance 2023 | $538.287 million (2023 est.) |
| Current account balance 2022 | $393.62 million (2022 est.) |
| Current account balance 2021 | $499.422 million (2021 est.) |
| Budget | |
| Revenues | $1.872 billion (2016) |
| Expenditures | $2.06 billion (2016) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.3% of GDP (2023 est.) |
| Remittances 2022 | 1.3% of GDP (2022 est.) |
| Remittances 2021 | 1.6% of GDP (2021 est.) |
| Imports | |
| Imports 2023 | $2.716 billion (2023 est.) |
| Imports 2022 | $2.44 billion (2022 est.) |
| Imports 2021 | $2.143 billion (2021 est.) |
| Imports (partners) | Spain 65%, France 11%, Germany 4%, China 3%, Italy 3% (2023) |
| Comodities Imports force | cars, refined petroleum, garments, perfumes, electricity (2023) |
| Exports | |
| Imports 2023 | $2.716 billion (2023 est.) |
| Imports 2022 | $2.44 billion (2022 est.) |
| Imports 2021 | $2.143 billion (2021 est.) |
| Exports (partners) | Spain 39%, USA 21%, France 11%, UK 5%, UAE 3% (2023) |
| Comodities Exports force | paintings, integrated circuits, cars, orthopedic appliances, garments (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $5.402 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $5.226 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.094 billion (2022 est.) |
| GDP (official exchange rate) | $4.04 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $65,900 (2024 est.) |
| Real GDP per capita 2023 | $64,600 (2023 est.) |
| Real GDP per capita 2022 | $63,900 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.5% (2024 est.) |
| Industry | 12.8% (2024 est.) |
| Services | 77.6% (2024 est.) |
All Important Facts about Andorra
Want to know more about Andorra? Check all different factbooks for Andorra below.
