Page 72 - economic report 2021

COMÚ DEBT - Euros per capita
Chart 8.8

2020 2021
Note: Calculations made using data published by the Comú governments in 2021 and data reviewed by the Court of Audit for 2020, except in the cases of
Canillo and Escaldes-Engordany, for which the 2020 debt data reviewed by the Court of Audit is unavailable, so the data published by the respective Comú
governments were used.
Source: Court of Audit (2020), Comú governments (2021) and Department of Stat st cs.

12.7% on the aggregate data for 2020, already reviewed by the Court of Audit (except Canillo and
Escaldes-Engordany) and ends the consecutive eleven-year period of falling Comú debt which
had reached a historic low in 2020. Equally, all the Comú governments are below the legal debt
limit (200% of average settled income in the last three years) for the eighth consecutive year, with
percentages that vary between 163% for Canillo and 28% for Escaldes-Engordany, according to
still provisional data for 2021.

Within the context of the whole Andorran There was a turning point in the trend
70
public sector, the Comú governments reduced in total Comú debt, with an increase of
their share of the total public debt (combined
central government debt and Comú debt) to a 12.7% after 11 years of decline.
historic low of 8.2%. This figure is well below
the Comú proportion of non-financial public expenditure (22.5%) and represents only 4.2% of
Andorran GDP. All in all, this means that, in relative terms, they are much less indebted than the
central government, the reverse of the situation before 2013, thanks to the fiscal consolidation
efforts in recent years and improvements in their financing system.
The Andorran economy: general developments | VIII. The public sector
By parish, the trend varied, with debt increases in the case of Canillo, Encamp, Ordino and La
Massana, and decreases in the rest. The largest reduction was in Escaldes-Engordany (-25.6%)
and the smallest in Sant Julià de Lòria (-2.7%). In contrast, the most notable debt increase was
recorded by Canillo (109.4%), followed by Encamp (45.5%). Canillo is the Comú with the highest
concentration of debt in absolute terms, followed by Andorra la Vella (20% of the total for Comú
governments), which cut its debt by 13.2% in 2021. At the other extreme, the Comú that achieved
the lowest volume of public debt was Escaldes-Engordany (7.1% of the total). Equally, in relative
terms to the population, the highest level of debt is found in Canillo, with €5,093 debt per capita,
followed at a distance by Ordino, with €2,595 per capita. At the other extreme, the least indebted
are Escaldes-Engordany and Andorra la Vella, with €564 and €1,024 per capita, respectively.

2.1. Revenue

In 2021, the total settled revenue of the Comú governments saw an increase of 1.4%, similar to
growth in 2020 (1.3%). As a result, revenue reached a figure of €165.9 million, the highest level since
2009. Equally, settled revenue was slightly below the budgeted figure (98%), putting its percentage
of total public sector revenue (combined central and Comú governments) at 13.1%, 1.4 points less