EUROPE: Still, Andorrans take pride in having transformed their mountain farming community into a financial and commercial center. But plans to make this tax-heaven country to introduce tax, might change Andorra. This small nation, just between France and Spain, got population of 84 000, and is a price-reduce-heaven for both Spanish and French people.

Bad forces in the economy of Europe, can change this tiny nation. President of the Andorran Chamber of Commerce said “The three engines of our economy — trade, tourism and finance — have all shown signs of exhaustion”

Gross domestic product per capita has dropped every year since 2006 — a decline reflected in almost every sector. Tourism has fallen steadily over that period, down to about 9 million from 10 million annual visitors, who are mostly attracted to the winter skiing in the Pyrenees and a mix of duty-free shopping and hiking in the summer.

Distrita hopes that Andorra will make it. Good luck in 2013.

Source:
nytimes.com