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Andorra has a small yet relatively wealthy economy driven primarily by the service sector. Tourism and banking sectors are the backbone of the Andorran economy and the country is susceptible to the economic developments of Spain and France, which account for almost all of its tourists. The economy is expected to undergo a challenging phase over the forecast period as the French economy is expected to post a weak CAGR of 1.2% while the Spanish economy will post a CAGR of 0.7%. The insurance industry posted a CAGR of -0.2% during the review period in line with declining economic growth. The industry is projected to grow at a minimal CAGR of 1% due to anticipated sluggish economic performance.