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Economy of Andorra

Andorra is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Andorra is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Andorra exports around $0.07 billion and imports roughly $1.43 billion. 1.7% of population in the country are unemployed. The total number of unemployed people in Andorra is 1,308. In Andorra, 8% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Andorra is low, indicating that it has a stable economy. Investors should consider Andorra to be a safe location for investments and other financial ventures. Government expenditure on education is 3.2% of GDP. The Gini Index of the country is 27.21. Andorra is experiencing high equality. Differences in income among citizens are only mildly significant. Andorra has a Human Development Index (HDI) of 0.83. Andorra has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards.

Currency

The currency of Andorra is euro. The plural form of the word euro is euro. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

According to the S&P credit-rating agency, Andorra has a credit rating score of A-, and the prospects of this rating are negative.

Central bank

In Andorra, the institution that manages the state's currency, money supply, and interest rates is called Andorran Financial Authority.

Public debt

Andorra has a government debt of 53.5% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Andorra is set at 10%. Personal income tax ranges from 0% to 10%, depending on your specific situation and income level. VAT in Andorra is 4.5%.

Finances

The total Gross Domestic Product (GDP) in Andorra is 5 billion. Based on this statistic, Andorra is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Andorra was last recorded at $0 million. The average citizen in Andorra has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Andorra averaged -1.6% in 2014. According to this percentage, Andorra is currently experiencing significant decline. Countries that are experiencing significant decline could be experiencing dramatic decreases in personal consumption, employment rate, and personal income. A significant decline in GDP should warn investors that this location poses a high level of risk and should not be considered a safe location for investment. To read more about financial information click on finances of Andorra.

Industry

Major industries in the country are tourism (particularly skiing), banking, timber, furniture. The total labor force of Andorra is 39,750 people, wherein 1.7% of population in the country are unemployed. The total number of unemployed people in Andorra is 1,308. To read more about industrial information within Andorra click on industry of Andorra.

Agriculture

There are 10 km2 of arable land in Andorra, and it comprises 2% of the country's total territory. There are 10 km2 of cultivated land in Andorra. The country's major agricultural crops and products are small quantities of rye, wheat, barley, oats, vegetables, sheep.To read more about agriculture click on agriculture of Andorra.