Tourism, retail sales, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP.
Andorra's comparative advantage as a tax haven eroded when the borders of neighbouring France and Spain opened; its bank secrecy laws have been relaxed under pressure from the EU and OECD.
Manufacturing output and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, and furniture. Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods and as a non-EU member for agricultural products.
Composition of GDP (2011)