The economy of Andorra is reliant on tourism which 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 adjoining 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.
The principal industry of Andorra la Vella is tourism. Furniture and brandies are local products.
Andorra la Vella has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Andorra la Vella is currently ranked 111 overall, most expensive place in the world for expatriates to live, out of 282 international locations.
The cost of living overview for each of the 13 Basket Groups is as follows:
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