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Another significant variable in the Andorran economy is the total annual number of skiing days at the country’s ski resorts. Andorra has the largest skiable area in the Pyrenees and one of the most extensive in Europe, comprising five modern ski resorts totalling over 2,500 hectares of skiable terrain.
The importance of tourism to the Principality’s economy means that those sectors depending on tourism, such as all commerce-related activities, have the most impact. Commerce is one of Andorra’s tourist attractions and is one of the mainstays of the Andorran economy. The tax on imports, borne by Andorran commerce and generally passed on to the end consumer, is one of the Andorran State’s principal sources of income.
The Andorran financial sector is one of the foundations of economic activity in Andorra and is centred on its highly developed banking system. It is characterised by its solid financial reputation as a result of the strict and rigorous application of the international standards. This sector comprises a total of five banking groups (the largest being the Crèdit Andorrà Group) and has more than 75 years experience of delivering wealth protection services.
Andorran banks provide the full spectrum of banking services (retail and private banking), asset management, brokering and insurance services, credit operations, investment management and financial advisory services, liability operations, financial analysis and other services but with the added ingredient of constitutionally guaranteed privacy obligation.
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