Andorra, The Principality of Andorra is a very small, landlocked principality in south-western Europe. It is located in the Pyrenees mountains, bordered by France and Spain, and is a very interesting country to travel to. Once an isolated country, Andorra, has currently become a very prosperous country because of tourism and for it’s benefits that it offers to international corporations for taxes.
The name of the country, Andorra most likely originated from the Navarrese word andurrial, which translates to shrub-covered land. Tourism is the staple of Andorra’s small, well to do economy. This accounts for roughly 80% of the Gross Domestic Product. It is estimated that nine million tourists visit Andorra annually. These tourists are attracted by Andorra’s duty-free shopping and also by its summer and winter resorts. Andorra’s advantage has recently shrunk as the neighboring economies of France and Spain have slackened up, providing more availability to goods and lower tariffs on them. With its tax haven status, The banking sector, also contributes in a lareg way to the economy of the Andorra. Agricultural production is so limited because only 2% of the land is arable. This means that most food has to be imported. Lifestock that does exist, is mainly sheep. Local Manufacturing consists of cigars, cigarettes, and furniture.
Andorra, although not a ‘full member’ of the EU (European Union), still enjoys a special relationship with it. An example of this is that Andorra is treated as an EU member for among EU members. This means that there is no tariffs. Andorra really does lack a currency of its own, because it is uses the currencies of its two surrounding nations.
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