The Andorran economy is primarily based on trade and tourism. Andorra economy includes a small amount of arable land. Agriculture being the prime source of food in Andorra, apart from this sheep rearing is the major agricultural activity. Tobacco production is also a major source of income for the Andorra economy, but tourism has come to dominate the economy, accounting for no less than 80% of GDP. Approximately nine million tourists visit Andorra each year. The Andorran banking system is of some importance as a tax haven for foreign financial transactions and investments. Andorra also is a tax haven because there are no direct taxes. Handicrafts industry is also a major source of income for Andorra economy.