The Economy, Competitiveness and Innovation Minister, Gilbert Saboya, presented the economic indicators for 2017. The results are positive in terms of new businesses openings: A total of 987 establishments opened and 497 were closed, which represents a net creation of 490 businesses. In this regard, the minister pointed out the positive trend of recent years and recalled Andorra has been in economic recovery for five consecutive years as evidenced by the evolution of nominal GDP.

Unemployment rate at 1.7%

The country’s unemployment rate was presented, for the first time, through a survey addressed to the active population, in order to standardize information on unemployment and make it comparable with other countries. Unemployment rate has fallen since 2012 to reach a low level of 1.7% in September 2017. This figure, according to the minister, shows a sustained recovery of the labour market, as it is accompanied by a progressive increase in the number of employees, an increase of the wage bill, a reduction in the number of applicants registered to Servei d’Ocupació, and an increase in the number of jobs available. The unemployment rate of 1.7% puts Andorra in a good position with respect to other countries such as France (9,4%) and Spain (17,3%), and with respect to the average for Europe (7.7%) and the OECD (5.8%).

Foreign investment accounts for 3% of GDP

With regards to foreign investment, the minister said that the year-end balance could be presented at a specific press conference in the coming weeks. With the latest data from October, the figures could reach similar levels of investment as of 2014 and 2015. Saboya estimates the volume of foreign investment will be around 3% of GDP at the end of the year, a result he considers positive.
The volume of investment presented was 141 million euros, and the authorised investment was 123 million euros. The formalised investment as of October 2017 represented 69 million euros. However, these figures should increase with data closing.

2017 Economic figures Presentation by the Economy, Competitiveness and Innovation Minister, Gilbert Saboya.