Page 41 - Economic report 2020

rates. Within this context, however, growth in economic activity in Andorra diminished over the
year, a trend that aligned it with the principal surrounding economies and reflected deterioration
in the global situation but also gradual normalisation of economic growth after the Covid-19 crisis.

A positive trend in the great majority
TREND IN GDP IN ANDORRA
Interannual variation rate (%) Chart 5.1 of indicators of activity and demand.

The progress of the economy in 2022 was
reflected in the positive trend in the great
majority of indicators of activity and demand.
In particular, the two-digit increases in the
number of visitors and in imports stand out. In
parallel, there was a clear improvement in the
labour market situation, with a 3.4% increase
in the number of employed, according to the
Workforce Survey, and a strong reduction in
the number of unemployed (-34.1%). In terms
Nominal Real
of employees, the data also show a very
Source: Department of Statistics.
positive trend, rising 10.6%, compared with

Chart 5.2
NOMINAL AND REAL GDP - Millions of euros (base year 2010)

39

Nominal GDP Real GDP
Source: Department of Statistics.

TREND IN ANDORRAN GDP COMPARED the 2% decline recorded in 2021. Moreover,
WITH NEIGHBOURING ECONOMIES Chart 5.3 the number of jobseekers fell by more than half
Interannual variation rate (%) and immigration permits rose 8%. This strong
job creation, combined with wage growth,
meant a boost to income from employment and
consequently, more favourable consumption
conditions for Andorran residents.

Andorran real GDP grew 8.8% and Andorran economy: general developments | V. Activity and demand

exceeded the pre-pandemic level.

The good performance of the Andorran economy
in 2022 led to strong growth in Gross Domestic
Andorra Spain France Eurozone
Product (GDP) in real terms, 8.8% according to
Source: Eurostat and Department of Statistics. advance figures published by the Government.