Page 44 - Economic report 2020

BUSINESSES’ OPINIONS ON to a record high. Evaluations of production
ECONOMIC DEVELOPMENTS IN 2022 Table 5.2 levels also continued to improve modestly and
the level of capacity utilisation rose, to above

Results of the situation survey in industry pre-pandemic levels. In this context, industrial
companies indicated an increase in turnover of
2022 COMPARED WITH 2021 (as % of businesses)
7.3% - lower than the previous year - and in
Turnover Higher 38 the investment rate (+8.5%), consolidating the
Same 56
Lower 6 recovery that began in 2021 after the declines
Average variation (%) 7.3 in 2020.
Volume of investment Higher 31
Same 66 As for services, 2022 was the year when they
Lower 3 fully recovered normality and the rate of activity
Average variation (%) 8.5 (after two years that were strongly impacted by
Number of employees More 21 the pandemic), with real GVA growth of 7.1%,
Same 74 continuing on the 7.7% growth recorded in
Less 5
2021. This dynamism has also brought strong
Prospects for 2023 (as % of businesses) growth in job creation, with an 11.5% increase in
Trend in turnover Upward 35 the number of employed, raising the pre-Covid
Stable 60 bar to achieve a record number of employees in
Downward 5 the sector.
Trend in volume of Upward 20
investment Stable 70 The number of visitors fully recovered
Downward 11
to exceed pre-pandemic levels.
Results of the situation survey in construction
42 2022 COMPARED WITH 2021 (as % of businesses)
By subsectors, the good performance in the
Turnover Higher 44 service sector was led by the activities most
Same 41 affected by the pandemic, such as tourism
Lower 15
Average variation (%) 8.7 and commerce. So, the subsector catalogued
as “Commerce, hotels & catering, transport,
Volume of investment Higher 38
Same 53 information and communications” saw
Lower 9 GVA growth of 11.8%, representing strong
Average variation (%) 5.6 acceleration compared with the 3.6% increase
Number of employees More 39 in 2021, and raising its contribution to total
Same 55 GVA to 28.5%. This dynamism was largely
Andorran economy: general developments | V. Activity and demand
Less 6 driven by the strong recovery in the number of
Prospects for 2023 (as % of businesses) visitors, which increased 55.4% to 8.4 million,
exceeding pre-pandemic levels (8.2 million
Trend in turnover Upward 24
Stable 71 visitors in 2019). We can therefore state that
Downward 6 tourism was the main driver of the Andorran
economy in 2022.
Trend in volume of Upward 21
investment Stable 71
Downward 9 The other indicators linked to activity in the
tourism sector also performed positively. So, in
Source: Chamber of Commerce, Industry and Services of Andorra.
2022, increases were recorded in the numbers
of accommodations and beds, employees, total
Tourism was the main driver of the and average overnight stays, and in electricity
Andorran economy in 2022. consumption. In the case of ski days sold in the
2022-2023 season, these were almost stable
compared with the previous season (+0.1%),
which can be explained by the fact that they had already largely recovered in 2021-2022, when
they multiplied by eight to almost pre-pandemic levels.