Page 86 - Economic report 2020

Specifically, imports of transport diesel rose 7.1%, and unleaded petrol 9.8%, but imports of heating
oil fell 9.8%, partly because the winter was milder than usual. Also remember that the subsidies
on purchasing fuel that were implemented in Spain and France for much of 2022 lowered the
competitiveness of Andorran fuel sales. This situation reverted once the general subsidies were
removed in the neighbouring countries in 2023. Accordingly, the price difference is again about
20 cents per litre compared with Spain and about 40 cents compared with France.

Industrial production increases As for the industrial situation, according to the
timidly, affected by rising costs Chamber’s business climate survey, the process
and supply problems. of recovery has continued its course but is still
weak, with very gradual, contained growth in
activity. Industrial businesses indicated that
turnover increased year on year by 7.3% on average, compared with 10.9% in 2021. According to
their evaluations, business activity remained within a positive range in the second half of 2022.
Moreover, businesses indicate the most optimistic climate since the start of the pandemic.

BUSINESSES’ OPINIONS ON DEVELOPMENTS IN INDUSTRY (% of businesses)
Table 10.2

2020 2021 2022
Jan-Jun Jul-Dec Average Jan-Jun Jul-Dec Average Jan-Jun Jul-Dec Average
1. Business activity Good 4 14 9 22 49 36 48 57 53
(reviewed half-year) Normal 36 49 43 44 39 42 43 35 39
Bad 60 38 49 33 13 23 9 9 9
Balance -56 -24 -40 -11 36 13 39 48 44
84
2. Orders High 7 1 4 10 19 15 11 15 13
(reviewed half-year) Normal 16 41 29 44 54 49 71 68 70
Low 78 58 68 46 28 37 18 18 18
Balance -71 -57 -64 -36 -9 -23 -7 -3 -5

3. Stocks of finished products Excessive 14 8 11 4 1 3 3 4 4
(reviewed half-year) Adequate 39 38 39 42 50 46 57 56 57
Insufficient 14 14 14 15 14 15 10 13 12
No stocks 34 41 38 39 34 37 29 27 28
Balance 0 -6 -3 -11 -13 -12 -7 -9 -8
Andorran economy: developments in the main sectors | X. Industry
4. Average production capacity utilisation 50.1 54.3 52.2 58.8 67.1 62.9 69.1 72.8 71.0
(in %) (reviewed half-year)
5. Production Higher 7 1 4 33 52 43 39 48 44
(compared with same half-year Similar 14 35 25 43 39 41 42 39 41
of previous year)
Lower 79 63 71 24 9 17 18 13 16
Balance -72 -62 -67 9 43 26 21 35 28

6. Sales prices Higher 2 3 3 14 27 21 35 38 37
(compared with previous Equal 80 77 79 71 66 69 57 57 57
half-year)
Lower 18 20 19 15 7 11 7 6 7
Balance -16 -17 -17 -1 20 10 28 32 30

7. Number of employees More 5 4 5 4 16 10 15 15 15
(compared with previous Same 65 78 72 78 79 79 78 75 77
half-year)
Less 30 18 24 18 6 12 7 10 9
Balance -25 -14 -20 -14 10 -2 8 5 7

Source: Chamber of Commerce, Industry and Services of Andorra.