Economy (Andorra)
=================


     Overview:
         The mainstay of Andorra's economy is tourism. An estimated 13 million
         tourists visit annually, attracted by Andorra's duty-free status and by its
         summer and winter resorts. Agricultural production is limited by a scarcity
         of arable land, and most food has to be imported. The principal livestock
         activity is sheep raising. Manufacturing consists mainly of cigarettes,
         cigars, and furniture. The rapid pace of European economic integration is a
         potential threat to Andorra's advantages from its duty-free status.
     GDP:
         purchasing power equivalent - $727 million, per capita $14,000; real growth
         rate NA% (1990 est.)
     Inflation rate (consumer prices):
         NA%
     Unemployment rate:
         none
     Budget:
         revenues $NA; expenditures $NA, including capital expenditures of $NA
     Exports:
         $0.017 million (f.o.b., 1986)
       commodities:
         electricity
       partners:
         France, Spain
     Imports:
         $531 million (f.o.b., 1986)
       commodities:
         consumer goods, food
       partners:
         France, Spain
     External debt:
         $NA
     Industrial production:
         growth rate NA%
     Electricity:
         35,000 kW capacity; 140 million kWh produced, 2,800 kWh per capita (1991)
     Industries:
         tourism (particularly skiing), sheep, timber, tobacco, banking
     Agriculture:
         sheep raising; small quantities of tobacco, rye, wheat, barley, oats, and
         some vegetables
     Economic aid:
         none
     Currency:
         French franc (plural - francs) and Spanish peseta (plural - pesetas); 1
         French franc (F) = 100 centimes and 1 Spanish peseta (Pta) = 100 centimos
     Exchange rates:
         French francs (F) per US$1 - 5.3801 January (1992), 5.6421 (1991), 5.4453
         (1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987); Spanish pesetas (Ptas)
         per US$1 - 100.02 (January 1992), 103.91 (1991), 101.93 (1990), 118.38
         (1989), 116.49 (1988), 123.48 (1987)
     Fiscal year:
         calendar year