Andorra will be the second country in Europe with the highest economic growth in 2022, according to the IMF

The Minister of Finance and Government Spokesperson, Eric Jover, analyzed the latest report from the International Monetary Fund (IMF), which provides annual global economic projections revising the main global indicators and, more specifically, for each country.

In its report, published on Tuesday, the IMF raised Andorra´s growth projections, based on numbers that Jover valued as “extremely positive”. “We are very satisfied, as data indicates we are on the right path”, he stated. In this sense, the head of Finances pointed out that the IMF raised the nominal GDP for 2022 from 8,2% to 10,9%, while the true GDP was also raised from 4,5% to 6,6%.

These numbers, he explained, place Andorra´s economic growth above that of neighboring countries –Spain (4,3%) and France (2,5%)– or that of the eurozone average (3,1%). In fact, Andorra, according to the IMF, ranks second in European countries in terms of economic growth, behind Ireland, in 2022.

With regards to 2023, the nominal GDP growth projections go from 4,7% to 4,8% and the true GDP from 2,7% to 2,0%. “Significantly” more positive numbers than those of the Principality´s neighboring countries. Eric Jover highlighted that, even though the true GDP´s projection for 2023 has dropped by seven decimals on the base effect, the true GDP´s absolute value for 2023 is also higher than the previous one according to this new estimate.

In addition, the International Monetary Fund reviewed its projections on inflation placing Andorra at 5,3% for 2022. A lower number than that of neighboring countries –Spain (8,8%) and France (5,8%)– or the Eurozone average (8,3%).

Jover highlighted that the IMF´s assessment reinforces the framework under which the Government is working and confirms the prudence with which the scenarios for the 2023 annual budget were constructed, in which for the 2022 year a nominal growth of 7,2% was projected. In other words, 3,7% under the IMF´s new estimate.

Bilateral meetings with representatives from the Central Banks of The Netherlands and Iceland under the framework of the IMF´s Annual Meetings

Jover offered the previous declarations to the media via videoconference from Washington, where he is taking part in the IMF´s Annual Meetings, being held until the 16th of October in the U.S. capital. The Andorran delegation is made up of the State Secretary for International Finance, Marc Ballestà, and the General Director of the AFA, David Cerqueda.

In Washington, Jover and Ballestà´s agenda includes bilateral meetings with representatives from the IMF, as well as high positioned directors from countries which make up this organism. Specifically, on Thursday the two Heads from the Ministry of Finance are to meet with managers from the Netherlands´ Central Bank and the Central Bank of Iceland, among others.