Countries
Andorra
Key Economic Indicators
$6.14 billion
$74,939
3.37%
0.1% (2020 est.)
$4.04 billion (2024 est.)
41.4% of GDP (2013 est.)
$648.91 million
Economic Overview
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
All Economic Data
Agricultural products
small quantities of rye, wheat, barley, oats, vegetables, tobacco, sheep, cattle
Budget
Expenditures:
$989.38 million (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$1.054 billion (2023 est.)
Currency
code:
EUR
name:
euro (EUR) [€]
Current account balance
$648.91 million
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.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
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.)
Note:
<strong>note: </strong>while not an EU member state, Andorra has a 2011 monetary agreement with the EU to produce limited euro coinage—but not banknotes—that began enforcement in April 2012
Exports
Exports 2021:
$2.446 billion (2021 est.)
Exports 2022:
$2.736 billion (2022 est.)
Exports 2023:
$3.169 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
paintings, integrated circuits, cars, orthopedic appliances, garments (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Spain 39%, USA 21%, France 11%, UK 5%, UAE 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$268.35 million
GDP - composition, by sector of origin
Agriculture:
0.5% (2024 est.)
Industry:
12.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
77.6% (2024 est.)
GDP (official exchange rate)
$4.04 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$49,304
GNI (gross national income)
$4.1 billion
GNI per capita
$47,570
Imports
Imports 2021:
$2.143 billion (2021 est.)
Imports 2022:
$2.44 billion (2022 est.)
Imports 2023:
$2.716 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, refined petroleum, garments, perfumes, electricity (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Spain 65%, France 11%, Germany 4%, China 3%, Italy 3% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
6% (2024 est.)
note:
<strong>note:</strong> annual % change in industrial value added based on constant local currency
Industries
tourism (particularly skiing), banking, timber, furniture
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.)
Note:
<strong>note:</strong> annual % change based on consumer prices
Public debt
Public debt 2013:
41.4% of GDP (2013 est.)
Real GDP (purchasing power parity)
$6.14 billion
Note:
<b>note:</b> data in 2021 dollars
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.)
Real GDP growth rate
3.37%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
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.)
Real GDP per capita
$74,939
Note:
<b>note:</b> data in 2021 dollars
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.)
Remittances
$52.34 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
1.6% of GDP (2021 est.)
Remittances 2022:
1.3% of GDP (2022 est.)
Remittances 2023:
1.3% of GDP (2023 est.)
Revenue (excl grants)
28 % of GDP
Tax revenue
14 % of GDP
Economic Rankings
GDP per Capita
#17
GDP Growth Rate
#21
Inflation Rate
#137
Exports
#150
Imports
#158
GDP (Nominal)
#164
GDP (PPP)
#172
Quick Facts
Industries
tourism (particularly skiing), banking, timber, furniture
Agricultural products
small quantities of rye, wheat, barley, oats, vegetables, tobacco, sheep, cattle
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)
Exchange rates
euros (EUR) per US dollar -
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