The growth that the Principality of Andorra has experienced since the 1950’s can be explained by the benefits that the country enjoys. These can be summed up as follows:
- High level of freedom concerning business shops' schedules
- Low tax rate, which translates into lower prices
- High product variety and availability
The attraction of skiing and nature are other reasons which contribute to the 11 million visitors that Andorra receives every year.
Andorra relies on a solid financial system, governed by the Andorran National Finance Institute (Institut Nacional Andorrà de Finances - INAF)), which guarantees the stability and proper running of the financial system.
Moreover, the country cooperates internationally in the fight against money laundering and the financing of terrorism, areas in which banks follow a strict and proactive policy, implementing international recommendations and best practices.
Andorra has been using the Euro as legal tender since 2002.
The country's economic growth is also reflected on Andorran citizens, whose income is higher than the European average.