equal vertical bands of blue (hoist side),
yellow, and red with the national coat of arms centered in the
yellow band; the coat of arms features a quartered shield; similar
to the flags of Chad and Romania, which do not have a national coat
of arms in the center, and the flag of Moldova, which does bear a
national emblem

Andorra Economy

Economy - overview: Tourism, the mainstay of Andorra's tiny,
well-to-do economy, accounts for roughly 80% of GDP. An estimated 9
million tourists visit annually, attracted by Andorra's duty-free
status and by its summer and winter resorts. Andorra's comparative
advantage has recently eroded as the economies of neighboring France
and Spain have been opened up, providing broader availability of
goods and lower tariffs. The banking sector, with its "tax haven"
status, also contributes substantially to the economy. 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 output consists mainly of cigarettes, cigars,
and furniture. Andorra is a member of the EU Customs Union and is
treated as an EU member for trade in manufactured goods (no tariffs)
and as a non-EU member for agricultural products.

GDP: purchasing power parity - $1.2 billion (1996 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $18,000 (1996 est.)

GDP - composition by sector: agriculture: NA%

industry: NA%

services: NA%

Population below poverty line: NA%

Household income or consumption by percentage share: lowest 10%: NA%

highest 10%: NA%

Inflation rate (consumer prices): 1.62% (1998)

Labor force: 30,787 salaried employees (1998)

Labor force - by occupation: agriculture 1%, industry 21%, services
78% (1998)

Unemployment rate: 0%

Budget: revenues: $385 million

expenditures: $342 million, including capital expenditures of $NA
(1997)

Industries: tourism (particularly skiing), cattle raising, timber,
tobacco, banking

Industrial production growth rate: NA%

Electricity - production by source: fossil fuel: NA%

hydro: NA%

nuclear: NA%

other: NA%

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh

note: most electricity supplied by Spain and France; Andorra
generates a small amount of hydropower

Agriculture - products: small quantities of tobacco, rye, wheat,
barley, oats