In conversation with: Jordi Gallardo, Andorra’s Minister of Economy and Enterprise
Not everyone can immediately locate Andorra on the map, and that is the very thing that the country’s Minister of Economy and Enterprise, Jordi Gallardo, intends to change.
Situated between France and Spain in the Pyrenees mountains, Andorra has a population of approximately 77,500 and an area of 468km2. In 2021, it recorded a GDP of $3.1bn, total imports of $1.57bn and an unemployment rate of 2.5%.
The country’s economy revolves around services, with retail accounting for 17% of GDP, followed by real estate at 15%, the public sector at 14% and financial services at 12%.
In 2012, a foreign direct investment (FDI) law came into force, opening up the country’s economy to foreign investors. Since then, international investors, whether resident or not, may own up to 100% of any Andorra-based company. The law also liberalised restrictions on foreign professionals seeking to work in Andorra.
This change in law has proven to be hugely lucrative for Andorra. FDI went up by 7,600% between 2012 and 2021, and by 540% between 2017 and 2021, accounting for 18.7% of GDP at the end of last year.
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