Page 42 - Economic report 2020

Chart 5.4
REAL GDP PER CAPITA. IN EUROS (base year 2010)

Source: Department of Statistics.

This figure exceeds the 8.3% recorded in 2021 Economic dynamism was greater in
and is similar to the dynamism seen in the years Andorra than in neighbouring countries.
prior to the financial crisis. So, real Andorran
GDP exceeded the pre-pandemic level (+4.6%)
and approached the threshold of €2,800 million, almost the same as in 2008. In nominal terms, the
increase in GDP for the whole of 2022 was 13.4%, following the major growth of 11.1% seen in 2021.
As a result, total nominal GDP in 2022 was €3,187.5 million and reached the highest value in the
historical series.
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In comparison with Europe, the dynamism of the Andorran economy in 2022 was much stronger
than in Spain, France and the whole of the Eurozone. In fact, growth in the Principality was the
second highest in Europe, only behind Ireland.

In parallel, the Andorran population has continued to grow (+2.6%), so that GDP per capita
increased 6.1% in real terms, to reach €34,304 (base year 2010), still below the pre-pandemic
levels. In contrast, in nominal terms, Andorran GDP per capita increased 10.5%, to €39,068, a
figure that is clearly higher than in 2019 (+7.5%).

Andorran economy: general developments | V. Activity and demand
2. Developments in activity by sector

Economic growth in 2022 was driven by all the main sectors but with significant differences. In
first place is the remarkable dynamism seen in construction, the second most important sector
of the economy. Services, which are the main driving force behind the Andorran economy, with
about 86% of gross value added (GVA), also grew strongly, led by activities linked to tourism,
such as hotels, catering, commerce, travel agencies, passenger transport and cultural and leisure
activities. The contribution from industry and the primary sector, which are activities with a very
small impact on total GVA, was much more modest, with very small increases in GVA. So, GVA
in construction and services was 19.9% and 5.4% higher than in 2019, respectively, while it is still
11.1% lower in industry and very close to the
Construction is the most dynamic 2019 level in agriculture (-0.7%).
sector again, with GVA growth of 7.4%.
More specifically, growth in real GVA in the
construction sector was 7.4%, continuing a
period of seven consecutive years of increases, although slower than in 2021 (when it was +10.1%).
As a result, its percentage of GVA increased to 8.5%, one tenth more than in 2021 (note that the