Andorra has a GDP of $4.04B compared to $665B for Belgium, ranking 166/197 and 23/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Andorra
|
Belgium
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $11,810,619,368 | $107,240,692,072 |
| 1961 | - | - | $12,561,701,694 | $112,579,587,419 |
| 1962 | - | - | $13,436,827,167 | $118,447,239,466 |
| 1963 | - | - | $14,445,805,381 | $123,601,570,921 |
| 1964 | - | - | $16,168,044,450 | $132,200,142,536 |
| 1965 | - | - | $17,597,783,297 | $136,907,339,919 |
| 1966 | - | - | $18,894,891,312 | $141,227,991,789 |
| 1967 | - | - | $20,252,508,995 | $146,690,898,042 |
| 1968 | - | - | $21,654,856,965 | $152,843,304,454 |
| 1969 | - | - | $24,019,653,475 | $162,976,509,540 |
| 1970 | $78,617,711 | $859,121,721 | $26,706,196,047 | $173,329,872,814 |
| 1971 | $89,406,608 | $899,066,287 | $29,821,661,870 | $180,238,502,024 |
| 1972 | $113,414,397 | $972,337,884 | $37,209,418,019 | $189,783,220,556 |
| 1973 | $150,841,639 | $1,048,068,102 | $47,743,801,490 | $201,894,619,758 |
| 1974 | $186,557,082 | $1,106,956,843 | $56,033,077,879 | $211,111,631,065 |
| 1975 | $220,112,572 | $1,112,958,826 | $65,678,189,097 | $206,961,299,090 |
| 1976 | $227,283,851 | $1,149,728,616 | $71,113,882,968 | $218,660,295,777 |
| 1977 | $253,997,897 | $1,182,364,531 | $82,839,905,459 | $220,029,447,216 |
| 1978 | $308,020,261 | $1,199,662,526 | $101,246,526,194 | $226,282,457,073 |
| 1979 | $411,548,748 | $1,200,161,073 | $116,315,456,797 | $231,579,894,682 |
| 1980 | $446,377,777 | $1,226,669,362 | $126,829,314,388 | $241,871,430,006 |
| 1981 | $388,983,266 | $1,225,044,338 | $104,730,018,470 | $241,195,922,804 |
| 1982 | $375,914,744 | $1,240,314,039 | $92,095,926,188 | $242,631,006,628 |
| 1983 | $327,850,043 | $1,262,269,065 | $87,184,239,053 | $243,387,634,461 |
| 1984 | $330,073,081 | $1,284,796,613 | $83,349,530,159 | $249,390,504,367 |
| 1985 | $346,742,715 | $1,314,622,306 | $86,268,264,148 | $253,509,919,187 |
| 1986 | $481,996,013 | $1,357,391,200 | $120,018,787,249 | $258,130,801,745 |
| 1987 | $611,299,925 | $1,432,687,348 | $149,394,404,106 | $264,085,000,894 |
| 1988 | $721,425,939 | $1,505,673,115 | $162,299,103,675 | $276,558,286,707 |
| 1989 | $795,489,582 | $1,578,352,472 | $164,221,056,511 | $286,152,555,458 |
| 1990 | $1,028,989,692 | $1,638,036,096 | $205,331,747,948 | $295,130,312,078 |
| 1991 | $1,106,891,362 | $1,679,740,553 | $210,510,999,409 | $300,540,270,315 |
| 1992 | $1,209,992,020 | $1,695,348,938 | $234,781,652,447 | $305,140,504,243 |
| 1993 | $1,007,090,270 | $1,677,861,678 | $224,721,795,709 | $302,205,439,886 |
| 1994 | $1,017,544,069 | $1,717,848,180 | $244,884,129,491 | $311,957,523,164 |
| 1995 | $1,178,745,283 | $1,765,217,871 | $288,025,588,396 | $319,396,952,810 |
| 1996 | $1,224,024,139 | $1,847,295,889 | $279,201,433,225 | $323,617,566,813 |
| 1997 | $1,180,645,572 | $2,014,802,622 | $252,708,051,421 | $335,894,554,717 |
| 1998 | $1,211,953,994 | $2,079,171,403 | $258,528,339,631 | $342,484,242,937 |
| 1999 | $1,240,295,103 | $2,164,398,280 | $258,245,733,221 | $354,617,493,818 |
| 2000 | $1,432,606,189 | $2,240,766,094 | $236,792,460,312 | $367,797,580,320 |
| 2001 | $1,548,265,808 | $2,422,701,909 | $236,746,141,604 | $371,841,895,843 |
| 2002 | $1,764,279,824 | $2,532,846,713 | $258,383,599,375 | $378,188,843,981 |
| 2003 | $2,366,941,809 | $2,753,057,567 | $318,082,528,507 | $382,114,274,684 |
| 2004 | $2,900,245,324 | $2,977,037,420 | $369,214,712,443 | $395,760,365,337 |
| 2005 | $3,161,084,091 | $3,137,731,826 | $385,714,762,230 | $404,948,883,847 |
| 2006 | $3,459,337,987 | $3,288,615,582 | $408,259,840,869 | $415,284,559,725 |
| 2007 | $3,957,625,367 | $3,339,693,969 | $470,922,156,309 | $430,554,259,966 |
| 2008 | $4,102,319,399 | $3,154,034,157 | $517,328,087,920 | $432,478,429,045 |
| 2009 | $3,688,976,341 | $2,986,780,566 | $485,014,525,992 | $424,233,482,719 |
| 2010 | $3,449,925,739 | $2,927,792,904 | $481,556,503,720 | $435,731,531,599 |
| 2011 | $3,629,133,574 | $2,927,556,638 | $527,196,649,049 | $444,146,182,963 |
| 2012 | $3,188,652,765 | $2,781,926,981 | $498,414,364,945 | $445,104,666,469 |
| 2013 | $3,193,512,950 | $2,683,235,436 | $524,097,026,599 | $446,464,436,962 |
| 2014 | $3,271,685,597 | $2,750,436,143 | $537,987,419,164 | $454,346,946,886 |
| 2015 | $2,789,881,259 | $2,789,881,259 | $461,044,767,545 | $461,044,767,545 |
| 2016 | $2,896,610,480 | $2,893,376,872 | $474,271,566,740 | $466,547,349,432 |
| 2017 | $3,000,162,081 | $2,903,390,036 | $500,908,767,352 | $473,426,439,011 |
| 2018 | $3,218,419,897 | $2,949,518,095 | $542,638,913,428 | $482,317,238,282 |
| 2019 | $3,155,149,348 | $3,008,967,037 | $536,726,344,405 | $494,099,718,081 |
| 2020 | $2,891,001,149 | $2,672,445,971 | $529,694,473,502 | $470,417,598,102 |
| 2021 | $3,324,647,529 | $2,893,905,657 | $598,522,422,242 | $499,619,240,041 |
| 2022 | $3,380,612,573 | $3,170,696,512 | $593,614,574,326 | $520,899,825,783 |
| 2023 | $3,785,067,332 | $3,252,613,194 | $644,655,275,112 | $527,159,436,182 |
| 2024 | $4,039,844,390 | $3,362,285,467 | $664,564,181,487 | $532,530,656,429 |
Economic indicators
|
Andorra
|
Belgium
|
|
|---|---|---|
| Gross domestic product |
$4.04B
2024 |
$665B
2024 |
| GDP rank |
166/197
2024 |
23/197
2024 |
| GDP growth |
6.73%
2023-2024 |
3.09%
2023-2024 |
| GDP per capita |
$49,304
2024 |
$55,955
2024 |
| GDP per capita rank |
25/197
2024 |
17/197
2024 |
| GDP per capita, PPP |
$74,939
2024 |
$72,126
2024 |
| Government debt | n/a |
$694B
2024 |
| Debt-to-GDP ratio | n/a |
106.4%
2025 |
| Government debt per person | n/a |
$58,455
2024 |
| Government debt per person rank | n/a |
5/185
2024 |
| Average annual personal income after taxes |
$30,890
2025 |
$34,348
2025 |
| Market capitalization of domestic companies | n/a |
$321B
2018 |
| Number of millionaires | n/a |
564,666
2024 |
| Number of billionaires | n/a |
11
2025 |
| Income share by richest 10% | n/a |
22.2%
2023 |
| Income share by poorest 10% | n/a |
3.7%
2023 |
| Government expenditure, % of GDP |
35%
2025 |
54.6%
2025 |
| Consumer prices inflation |
-0.9%
2019-2020 |
3.14%
2023-2024 |
| Unemployment rate |
3.7%
2016 |
5.7%
2024 |
| Population |
83589
|
11909960
|
GDP per capita in Andorra vs Belgium
Andorra's GDP per capita is $49,304, ranking 25/197, compared to $55,955 in Belgium, ranking 17/197. Adjusted for purchasing power (GDP per capita PPP), Andorra ranks 18th at $74,939, while Belgium ranks 20th at $72,126.
| Year | Current $ | |||
|---|---|---|---|---|
|
Andorra
|
Belgium
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $1,290 | - |
| 1961 | - | - | $1,368 | - |
| 1962 | - | - | $1,457 | - |
| 1963 | - | - | $1,555 | - |
| 1964 | - | - | $1,724 | - |
| 1965 | - | - | $1,860 | - |
| 1966 | - | - | $1,983 | - |
| 1967 | - | - | $2,114 | - |
| 1968 | - | - | $2,251 | - |
| 1969 | - | - | $2,490 | - |
| 1970 | $3,935 | - | $2,766 | - |
| 1971 | $4,170 | - | $3,083 | - |
| 1972 | $4,940 | - | $3,832 | - |
| 1973 | $6,151 | - | $4,901 | - |
| 1974 | $7,140 | - | $5,734 | - |
| 1975 | $7,925 | - | $6,701 | - |
| 1976 | $7,721 | - | $7,243 | - |
| 1977 | $8,168 | - | $8,427 | - |
| 1978 | $9,410 | - | $10,290 | - |
| 1979 | $11,996 | - | $11,811 | - |
| 1980 | $12,475 | - | $12,864 | - |
| 1981 | $10,465 | - | $10,623 | - |
| 1982 | $9,698 | - | $9,344 | - |
| 1983 | $8,082 | - | $8,846 | - |
| 1984 | $7,808 | - | $8,457 | - |
| 1985 | $7,912 | - | $8,751 | - |
| 1986 | $10,539 | - | $12,170 | - |
| 1987 | $12,828 | - | $15,136 | - |
| 1988 | $14,599 | - | $16,391 | - |
| 1989 | $15,715 | - | $16,525 | - |
| 1990 | $19,564 | $24,909 | $20,600 | $18,675 |
| 1991 | $19,533 | $24,510 | $21,042 | $19,588 |
| 1992 | $20,100 | $23,817 | $23,373 | $20,259 |
| 1993 | $15,917 | $22,958 | $22,284 | $20,459 |
| 1994 | $15,749 | $23,509 | $24,209 | $21,504 |
| 1995 | $18,443 | $24,934 | $28,414 | $22,431 |
| 1996 | $19,130 | $26,542 | $27,490 | $22,737 |
| 1997 | $18,248 | $29,122 | $24,821 | $23,728 |
| 1998 | $18,537 | $30,073 | $25,338 | $24,369 |
| 1999 | $18,875 | $31,590 | $25,253 | $25,441 |
| 2000 | $21,810 | $33,458 | $23,099 | $27,788 |
| 2001 | $23,511 | $36,895 | $23,015 | $28,797 |
| 2002 | $26,528 | $38,787 | $25,006 | $30,282 |
| 2003 | $34,064 | $41,148 | $30,655 | $30,935 |
| 2004 | $39,021 | $42,717 | $35,429 | $32,064 |
| 2005 | $40,830 | $44,578 | $36,810 | $33,178 |
| 2006 | $43,467 | $46,853 | $38,705 | $35,259 |
| 2007 | $48,336 | $47,501 | $44,319 | $36,800 |
| 2008 | $49,133 | $44,839 | $48,303 | $37,883 |
| 2009 | $43,975 | $42,523 | $44,923 | $37,886 |
| 2010 | $42,747 | $43,853 | $44,197 | $39,844 |
| 2011 | $46,657 | $46,436 | $47,761 | $41,245 |
| 2012 | $41,501 | $45,503 | $44,874 | $42,484 |
| 2013 | $42,470 | $45,609 | $46,965 | $43,864 |
| 2014 | $44,370 | $48,506 | $47,996 | $45,148 |
| 2015 | $38,655 | $50,733 | $40,894 | $46,084 |
| 2016 | $40,130 | $53,110 | $41,855 | $48,415 |
| 2017 | $40,673 | $53,085 | $44,035 | $50,256 |
| 2018 | $42,820 | $55,245 | $47,487 | $52,467 |
| 2019 | $41,258 | $57,475 | $46,717 | $56,712 |
| 2020 | $37,361 | $52,096 | $45,906 | $56,120 |
| 2021 | $42,426 | $59,332 | $51,658 | $60,669 |
| 2022 | $42,414 | $68,470 | $50,822 | $68,158 |
| 2023 | $46,812 | $71,731 | $54,690 | $69,059 |
| 2024 | $49,304 | $74,939 | $55,955 | $72,126 |
Inflation comparison by year
Over the past 23 years, Andorra has recorded an average annual inflation rate of 1.49%, compared with 1.83% in Belgium. In 2020, inflation was -0.9% in Andorra and 3.14% in Belgium.
| Year | Inflation | ||
|---|---|---|---|
|
Andorra
|
Belgium
|
Andorra
|
Belgium
|
| 1996 | - | 2.08% | |
| 1997 | - | 1.63% | |
| 1998 | 1.62% | 0.95% | |
| 1999 | - | 1.12% | |
| 2000 | 4.3% | 2.54% | |
| 2001 | - | 2.47% | |
| 2002 | - | 1.65% | |
| 2003 | - | 1.59% | |
| 2004 | 3.4% | 2.1% | |
| 2005 | 3.2% | 2.78% | |
| 2006 | - | 1.79% | |
| 2007 | 3.9% | 1.82% | |
| 2008 | 2.3% | 4.49% | |
| 2009 | - | -0.05% | |
| 2010 | 1.6% | 2.19% | |
| 2011 | - | 3.53% | |
| 2012 | 1.1% | 2.84% | |
| 2013 | - | 1.11% | |
| 2014 | - | 0.34% | |
| 2015 | -0.9% | 0.56% | |
| 2016 | - | 1.97% | |
| 2017 | - | 2.13% | |
| 2018 | -0.9% | 2.05% | |
| 2019 | -0.9% | 1.44% | |
| 2020 | -0.9% | 0.74% | |
| 2021 | - | 2.44% | |
| 2022 | - | 9.6% | |
| 2023 | - | 4.05% | |
| 2024 | - | 3.14% | |
Top exports between countries
|
Andorra
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $887K |
| Processed food, beverages & tobacco | $119K |
| Textiles & consumer goods | $92K |
| Wood & paper products | $80K |
| Chemicals & pharma | $25K |
| Precious metals & jewellery | $17K |
| Miscellaneous | $2K |
|
Belgium
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $6.78M |
| Textiles & consumer goods | $4.72M |
| Processed food, beverages & tobacco | $4.26M |
| Precious metals & jewellery | $962K |
| Chemicals & pharma | $383K |
| Wood & paper products | $184K |
| Metals | $142K |
| Raw agricultural goods | $55K |
| Miscellaneous | $37K |
| Raw materials & minerals | $33K |
Balance of trade
|
Andorra
|
Belgium
|
|
|---|---|---|
Current account balance
|
$649M
2024 |
-$5.68B
2024 |
| Current account balance ranking |
56/189
2024 |
169/189
2024 |
| Current account balance, % of GDP |
+16.1%
2024 |
-0.85%
2024 |
| Goods imports |
$1.95B
2024 |
$372B
2024 |
| Goods exports |
$255M
2024 |
$377B
2024 |
| Service imports |
$1.04B
2024 |
$159B
2024 |
| Service exports |
$3.38B
2024 |
$148B
2024 |
| Imports of goods and services, % of GDP | n/a |
79.2%
2024 |
| Exports of goods and services, % of GDP |
15%
2025 |
79.2%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Andorra
|
Belgium
|
|
|---|---|---|
| Economic freedom | 72 | 69 |
| Economic freedom ranking | 27/197 | 40/197 |
| Property rights | n/a | 92.8 |
| Government integrity | n/a | 79.3 |
| Judicial effectiveness | n/a | 93 |
| Tax burden | n/a | 50.6 |
| Government spending | n/a | 11.8 |
| Fiscal health | n/a | 48 |
| Business freedom | n/a | 82.3 |
| Labor freedom | n/a | 58.6 |
| Monetary freedom | n/a | 76.8 |
| Trade freedom | n/a | 79.6 |
| Investment freedom | n/a | 85 |
| Financial freedom | n/a | 70 |
More economic indicators
|
Andorra
|
Belgium
|
|
|---|---|---|
| Services, % of GDP |
77.6%
2024 |
72.1%
2024 |
| Industry, % of GDP |
12.8%
2024 |
17.6%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
0.47%
2024 |
0.8%
2024 |
|
GNI, Atlas method
|
$4B
2024 |
$651B
2024 |
| GNI per capita, PPP |
$78,170
2024 |
$73,360
2024 |
| Total reserves including gold | n/a |
$41.4B
2024 |
| Total reserves ranking | n/a |
49/177
2024 |
|
Net foreign direct investment
|
-$150M
2024 |
$29.5B
2024 |
|
Net inflows of foreign direct investment
|
$268M
2024 |
-$35.6B
2024 |
|
Net outflows of foreign direct investment
|
$118M
2024 |
-$6.07B
2024 |
| Poverty at national poverty lines |
8%
2008 |
12.3%
2022 |
|
Gross capital formation, % of GDP
|
n/a |
24%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.