Tuesday, September 12th 2023

The president of the Chamber of Commerce, Industry and Services (CCIS), Josep Maria Mas, presented, on Tuesday September 12th, the results of the 2022 Economic Report at an event which included the attendance of the Head of Government, Xavier Espot. The document reviews the most notable economic events of 2022, both abroad and in Andorra, with a specific section for each of the main sectors of the economy, and provides a vision of perspectives for 2023.

The Andorran economy consolidated its recovery over the course of 2022, with a growth in the true GDP, of 8,8%, five decimals higher than in 2021. This strong expansive rhythm, equitable to the ones observed in the years prior to the economic crisis, means that in terms of volume it is superior by 4,6% to the GDP´s level in 2019, prior to the pandemic. In International terms, the energy of the Andorran economy throughout 2022 was notably more intense than that of Spain, France and the majority of the Eurozone. In fact, the Principality was the second highest growing country behind Ireland.

Economic growth in 2022 was boosted by all the large sectors, albeit with significant differences. Notably, in first place, the high energy shown by construction, as well as services, which grew strongly, led by activities linked to tourism, while the contribution by industry and the commodities sector was modest.

The need for an association agreement with the EU

The Head of Government defended the association agreement with the EU as the way “to establish the bases for a more solid, sustainable and diversified economy, that offers higher qualified work positions with a high added value if we want to act thinking in the possibilities for our youth to carry out a professional career in Andorra”. Xavier Espot asked affiliates to be more pedagogic and advertise the benefits of an agreement that will guarantee Andorra´s economic and social prosperity.

Espot also defended the need to continue being attractive through the Innovation Strategy, and with support measures for the production industry network and entrepreneurs, such as the deployment of the Law for self-employed workers, the support programs promoted by Andorra Business which run from company growth to internationalization, and include mentor programs, digitalization or the promotion of female entrepreneurship, and the creation of an ecosystem of emerging companies.

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Andorra Business
Author: Andorra Business

Andorra Business és l’agència de promoció i desenvolupament econòmic d’Andorra. Impulsar sectors clau per a la diversificació de l’economia, captar i acompanyar la inversió estrangera i local, donar suport a les empreses andorranes per ser més competitives, i facilitar l’aterratge al país de noves empreses, són algunes de les nostres prioritats.