Page 63 - Economic report 2020

1.5% and a negative variation of 1.4%, and chemical products, with a total percentage of 1.2% and
a decline of 14.9% since the previous year.

4. Foreign investment flows

2022 was a good year in terms of foreign VOLUME OF FOREIGN INVESTMENT
investment, but did not reach the historic AS % OF GDP Chart 7.10
levels of the previous year, when there was a
major revival after projects stopped during the
pandemic in 2020. In 2022, 925 investment
transactions were formalised before a notary,
four more than the previous year, the highest
value in the available series. The volume of
investment associated with these transactions
was €388.9 million, 28.5% less than the
previous year, but still the second highest
figure in the historical series. The data show that
the average amount per investment has fallen,
from €590,365 in 2021 to €420,443 in 2022.
Source: Ministry of the Presidency, Economy, Work and Housing.
Foreign investment reaches 12.2%
of GDP, the second highest figure FOREIGN INVESTMENT BY COUNTRIES
in the historical series after 2021. AND SECTORS. 2022 - As % of total Chart 7.11 Chart 7.11
61

Due to this trend in investment and the
increase in GDP, the percentage of Andorran
GDP represented by foreign investment fell
from 19.3% in 2021 to 12.2% in 2022, but is
nonetheless the second highest figure in the
historical series and much higher than the pre-
pandemic figures.

Spain concentrates 53% of foreign
investment and France 16.2%.

By geographical origin of the investment
formalised in 2022, Spain concentrates 53% of
the total, 30 percentage points more than in
the previous year, thanks to the 66.2% growth
seen in 2022. The second most important
country this year is Luxembourg, representing
20% of foreign investment in Andorra. Andorran economy: general developments | VII. Foreign sector
Investment from France represents 16% of the
total, seeing an extraordinary increase of 177%.
And investment from Andorra, which had been
the main source of foreign investment until
2020, fell to 5% of total investment received. (*) Andorran businesses with foreign capital (>50%)
making a new investment.
This latter figure relates to investments made Source: Ministry of the Presidency, Economy, Work and Housing.
by Andorran businesses in which more than