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Western EuropeJuly 3 2017

Andorra’s economy defies double hit

After eight years of low growth sparked by the 2008 downturn and a money-laundering scandal, Andorra’s economy is finally showing signs of recovery. But while government investment to boost all-season tourism and greater bank transparency helps, more diversification is needed. Stefanie Linhardt reports.
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Andorra is back on a growth path. Indicators at the Pyrenean country nestled between France and Spain show the economy has left its five years of recession behind it.

Employment in the co-principality was up 1.6% in the 10 months to October 2016, unemployment was 0.6 percentage points lower in the fourth quarter of 2016 than in the previous year (at 4%), while goods exports were higher in 2016 at 12.6% and all-important tourist figures were also higher.

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