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 | 39,750 (2016) |
|---|---|
| Industrial production growth rate | 3.88% (2023 est.) |
| Industries | tourism (particularly skiing), banking, timber, furniture |
| Population below poverty line | |
| Taxes and other revenues | 69% (of GDP) (2016) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Current account balance | |
| Current account balance 2022 | $583.199 million (2022 est.) |
| Current account balance 2021 | $467.435 million (2021 est.) |
| Current account balance 2020 | $448.869 million (2020 est.) |
| Public debt | |
| Public debt 2014 | 41% of GDP (2014 est.) |
| Budget | |
| Revenues | $1.872 billion (2016) |
| Expenditures | $2.06 billion (2016) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0% of GDP (2023 est.) |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Remittances 2021 | 1.59% of GDP (2021 est.) |
| Imports | |
| Imports 2022 | $2.44 billion (2022 est.) |
| Imports 2021 | $2.143 billion (2021 est.) |
| Imports 2020 | $1.727 billion (2020 est.) |
| Imports (partners) | Spain 66%, France 12%, Germany 4%, China 3%, Italy 3% (2022) |
| Comodities Imports force | cars, refined petroleum, garments, electricity, beauty products (2022) |
| Exports | |
| Imports 2022 | $2.44 billion (2022 est.) |
| Imports 2021 | $2.143 billion (2021 est.) |
| Imports 2020 | $1.727 billion (2020 est.) |
| Exports (partners) | Spain 73%, France 6%, UK 3%, US 2%, Germany 2% (2022) |
| Comodities Exports force | paintings, integrated circuits, cars, orthopedic appliances, garments (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $5.168 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $5.094 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $4.65 billion (2021 est.) |
| GDP (official exchange rate) | $3.728 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $64,500 (2023 est.) |
| Real GDP per capita 2022 | $63,800 (2022 est.) |
| Real GDP per capita 2021 | $58,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.5% (2023 est.) |
| Industry | 11.4% (2023 est.) |
| Services | 78.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2016 | 3.7% (2016 est.) |
| Unemployment rate 2015 | 4.1% (2015 est.) |
All Important Facts about Andorra
Want to know more about Andorra? Check all different factbooks for Andorra below.
