Page 42 - economic report 2021
P. 42

From an international point of view, Andorra’s   Andorra’s economic recovery was stronger
                     economic recovery in 2021 was stronger than in   than that of its European neighbours.
                     Spain, France and the EU as a whole, although
                     the decline in 2020 was also stronger. In parallel,
                     the Andorran population continued to grow (1.9%), so that per capita GDP in real terms increased
                     6.9%, to reach €32,538 (base year 2010), a level that is still well below the figure recorded in the
                     last decade. Equally, in nominal terms, per capita GDP in Andorra increased 9.1% to €35,399, a level
                     that is equal to that of between 2015-2017.



                  2.  Developments in activity by sector


                     All the main sectors, except the primary sector,
                     have  helped  to  drive  economic  recovery  in   TREND IN GVA BY SECTOR
                     2021.  Firstly,  the  high  momentum  seen  in   Interannual variation rate in real terms (%)  Chart  5.5
                     construction, the second most important sector
                     of the economy, is notable. Services, which are
                     the  main  driving  force  behind  the  Andorran
                     economy, with about 85% of GVA, also revived
                     strongly. Along the same line, the contribution
                     from industry was positive, if limited, as this and
                     the  primary  sector  are  the  activities  with  the
                     smallest percentages of total GVA.


            Construct on was the most dynamic sector
      40
                  in 2021, with GVA growth of 23.5%.
                                                                             2020        2021


                     Growth in real GVA in the construction sector   Source: Department of Stat st cs.
                     was  23.5%,  a  trend  that  contrasts  with  the
                     minimal progress seen in 2020 (1.4%), continuing a consecutive six-year period of growth. As
                     the increase was more than double that of the total, its percentage of GVA increased to 9.3%,
                     although this is still less than the high it represented just before the property and financial crisis
                     (13% in 2006).
        The Andorran economy: general developments  |  V.  Activity and demand


               TREND IN BUSINESS ACTIVITY BY SECTOR
               Balance between the percentage of positive and negative replies                              Chart  5.6



















                                        Industry  Construct on  Commerce  Hotel sector

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