Andorra
Andorra

Andorra Economy Overview

Nestled between Spain and France, Andorra is a small yet economically vibrant nation characterized by its high GDP and low unemployment rate. Despite not being a member of the European Union, Andorra uses the euro, thanks to a monetary agreement with the EU. In 2023, Andorra's exports reached an impressive $3.169 billion, reflecting its strong economic ties with partners like Spain, the USA, and France. The nation's economy thrives on key industries such as tourism, banking, timber, and furniture. Tourism, especially skiing, plays a crucial role in its economic landscape, though it faced challenges due to the COVID-19 pandemic. Andorra's financial sector is modern, seeking investments from major technology firms while ensuring it is not considered a tax haven. As a recent member of SEPA and the IMF, Andorra continues to bolster its economic presence on the global stage.

Budget

revenues

$1.054 billion (2023 est.)

expenditures

$989.38 million (2023 est.)

Exports

Exports 2021

$2.446 billion (2021 est.)

Exports 2022

$2.736 billion (2022 est.)

Exports 2023

$3.169 billion (2023 est.)

Imports

Imports 2021

$2.143 billion (2021 est.)

Imports 2022

$2.44 billion (2022 est.)

Imports 2023

$2.716 billion (2023 est.)

Industries

activities in tourism (notably skiing), banking, timber, and furniture

Public debt

Public debt 2013

41.4% of GDP (2013 est.)

Remittances

Remittances 2021

1.6% of GDP (2021 est.)

Remittances 2022

1.3% of GDP (2022 est.)

Remittances 2023

1.3% of GDP (2023 est.)

Exchange rates

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.876 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.951 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

Economic overview

characterized by a high GDP; low unemployment rate; usage of the euro despite non-EU status; co-principality operating as a duty-free zone between Spain and France; a tourist destination significantly impacted by COVID-19; a contemporary financial sector that is not a tax haven; seeking investments from major technology firms; and a recent member of SEPA and the IMF

Exports - partners

Spain 39%, USA 21%, France 11%, UK 5%, UAE 3% (2023)

Imports - partners

Spain 65%, France 11%, Germany 4%, China 3%, Italy 3% (2023)

Real GDP per capita

Real GDP per capita 2022

$63,900 (2022 est.)

Real GDP per capita 2023

$64,600 (2023 est.)

Real GDP per capita 2024

$65,900 (2024 est.)

Real GDP growth rate

Real GDP growth rate 2022

9.6% (2022 est.)

Real GDP growth rate 2023

2.6% (2023 est.)

Real GDP growth rate 2024

3.4% (2024 est.)

Agricultural products

minimal amounts of rye, wheat, barley, oats, vegetables, tobacco, sheep, and cattle

Exports - commodities

paintings, integrated circuits, automobiles, orthopedic devices, clothing (2023)

Imports - commodities

automobiles, refined oil products, clothing, perfumes, electricity (2023)

Current account balance

Current account balance 2021

$499.422 million (2021 est.)

Current account balance 2022

$393.62 million (2022 est.)

Current account balance 2023

$538.287 million (2023 est.)

GDP (official exchange rate)

$4.04 billion (2024 est.)

Inflation rate (consumer prices)

Inflation rate (consumer prices) 2020

0.1% (2020 est.)

Inflation rate (consumer prices) 2021

1.7% (2021 est.)

Inflation rate (consumer prices) 2022

6.2% (2022 est.)

Industrial production growth rate

6% (2024 est.)

Real GDP (purchasing power parity)

Real GDP (purchasing power parity) 2022

$5.094 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$5.226 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$5.402 billion (2024 est.)

GDP - composition, by sector of origin

industry

12.8% (2024 est.)

services

77.6% (2024 est.)

agriculture

0.5% (2024 est.)

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