Andorra la Vella
Economy of Andorra la Vella
Andorran Economy
Surprisingly, agriculture and livestock are not very dynamic sectors: the production of tobacco (main crop) and various cereals for domestic consumption (wheat, oats, rye, etc) are becoming smaller every year, as well as the livestock activity, mainly focused on bovine.
Large amounts of foreign capital have been attracted by the absence of customs and tax rates. It also favored the massive proliferation of all kinds of shops and boosted the banking sector, which became the country main economic activity.
Moreover, the volume of the growing tourism sector surpasses nowadays the 10 million visitors, mostly French and Spanish.
Andorra is one of the most expansive countries in the world. It has an annual growth of 25% of GDP and a $23,000 income per capita, higher than Japan.
Most of the industrial goods, equipment and consumption, fuels and food products are imported, while exports are very small.
Economy of Andorra la Vella
As well as in the rest of the country, tourism, commerce and the banking system are the city main economic activities, in which taxes are not paid (a new 4% tax called ISI has been recently added). This factor favors all kinds of foreign investment.
Consumer goods such as furniture, tobacco and cognac are also produced. However, agriculture and livestock activities are decreasing yearly.
Update 4/10/2018
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