Page 65 - Economic report 2020

Chart 8.1
NON-FINANCIAL CASH SURPLUS OR DEFICIT OF THE PUBLIC AUTHORITIES (% GDP)

Central government Comú governments CASS

Source: Ministry of Finance, Comú governments, CASS, Department of Statistics of the Government and own preparation.

The budget surplus recorded by the central and The public debt shrank to around 40%
Comú governments in 2022 was accompanied of GDP, ten points less than in 2021.
by a reduction in their debt levels. So, the
total debt of Andorra (central and Comú
governments combined) reached €1,268 million, 10.8% less than in 2021. This amount is equal
to 39.8% of GDP (whereas a historic high of 50.6% was reached in the previous year) and again
falls below the 50% limit set by the Law on Public Finance Sustainability. In terms of inhabitants,
the per capita debt (calculated using the estimated population) fell to €15,547, 13% less than in
2021 and breaking the upward trend that marked the last two years in a context of steep rises
in expenditure to tackle the Covid crisis.
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Note that, in 2022, the new Law 36/2021 of 16 December, on Comú Finances, entered into
force, introducing changes in the way of calculating debt , so that the 2022 data are not wholly
comparable to those of previous years. In principle, these changes in calculation methodology
affect the consolidated debt of some Comú governments (with investees).

As for the tax burden, it is estimated that in 2022, according to the accrual principle, it increased
2.2 points to 26.9% of GDP, the highest value in the historical series. This upward trend is due

Chart 8.2
PER CAPITA DEBT (€/person)

Central government Comú governments Andorran economy: general developments | VIII. Public sector
Notes:
(1) Data published by the Comú governments for 2022 and data reviewed by the Court of Audit for the other years, except in the cases of Canillo, Sant Julià
de Lòria and Escaldes-Engordany, for which the debt data for 2021 reviewed by the Court of Audit is not available, so the data published by
the respective Comú governments are used.
(2) Calculated on the basis of the estimated population.
Source: Ministry of Finance, Comú governments, Court of Audit and own preparation.