Wednesday, July 28, 2010

Economy of Andorra

Economy of Andorra
The economy of Andorra is governed by the tourism industry, which roughly accounts for 80% of GDP. All in all, Andorra is well-to-do state, where over 9 million tourists drop in annually, attracted by the country's duty-free status and its summer and winter resorts. While the banking sector, with its "tax haven" status, contributes substantially to the economy, agricultural production is limited as only 2% of the land is arable and most food has to be imported. The principal livestock activity is sheep raising. Manufacturing output consists mainly of cigarettes, cigars, and furniture.

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