Currently, the Principality of Andorra stands high above the European Union’s GDP per capita. The figures, recently published by the European Statistical Office, Eurostat, reveal how the country significantly exceeds the averages of the European Union and eurozone. While the EU and eurozone averages stand at 34,160 euros and 37,672 euros per inhabitant respectively, Andorra’s macroeconomic indicators for 2022 confirm a figure of 39,448 euros.
Moreover, Andorra ranks among the fastest-growing economies; with a competitive increase of 7.7%; rising from 36,618 euros in 2021 to nearly 40,000 euros at present. Following closely behind is Ireland, the second largest economy in terms of GDP per capita, trailing behind Luxembourg, the continent’s wealthiest contender.
Moody's recent upgrade of Andorra's economic rating from Baa2 to Baa1, coupled with forecasts of real GDP growth at 2% for 2024 and 1.5% for 2025 and 2026, highlight the country's promising economic trajectory. These figures significantly surpass those of neighbouring economies, particularly France and Spain.
Further analysis, supported by the Andorran Banking Association, identifies the financial sector as a key driver, constituting 14% of the GDP. Additionally, prospects for economic acceleration abound, notably through initiatives such as the bid to host the Alpine Ski World Championships in 2029, with estimated economic returns reaching 1% of gross domestic product.
Ultimately, Andorra maintains its position among the nations with the most robust economic health. For comprehensive insights or investment opportunities in a particular sector, contact Integral Serveis 21 offices and they will offer personalized advice.