Internet access is available only through the national telephone company, SOM (Andorra Telecom). Fibre speed reached 700 Mb and 97% 4G network customer’s coverage at the beginning of 2020. In 2016, Andorra became one of the first countries in the world to abandon copper technology and migrated all of its fixed telephony to fibre optic.
The main income sources for Andorran economy are tourism, retail sales, and banking, representing more than three-quarters of its GDP. Having a duty-free policy for some retail products and being a popular winter resort in the Pyrenees has led millions of shopping-oriented tourists and sport lovers to visit this small country annually. Andorra’s comparative advantage as a tax haven has been curtailed by recent financial scandals, and its bank secrecy laws have been relaxed under pressure from the EU and OECD. Most food has to be imported, making the economy vulnerable to changes in fuel and food prices. Manufacturing exports consist mainly of perfumes, cosmetic products, electrical machinery and equipment, clothing, tobacco products, and furniture. Andorra is a member of the EU Customs Union and uses the euro in internal monetary operations, being therefore subject, in actual practice if not by EU regulations, to the monetary policy of the European Central Bank.