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The opinion of the Chamber


The data and results of the business climate surveys show that the Andorran economy experienced significant growth in 2022, surpassing pre-pandemic activity levels.

The impact of the energy crisis, inflation, and increasing interest rates has been less significant than expected. This has been offset by the strong performance of the tourism and construction sectors, which have been the driving forces behind the growth.

Another positive aspect that has exceeded expectations is the robustness of the labor market, which has supported private consumption despite the loss of household purchasing power.

Looking ahead to 2023, the economy is expected to continue growing, albeit at a more moderate pace compared to the previous year. This is due to the impact of inflation on family incomes, tightening financial conditions, increased uncertainty, and a challenging external environment. Among the sectors, tourism shows the most promising outlook, having recovered later after the pandemic, while construction could be more affected due to the uncertainty and increased interest rates, although it will maintain a high level of dynamism.

The business climate survey highlights the factors negatively impacting activity and the concerns of employers. Rising prices of supplies and materials are a growing concern affecting all sectors and resulting in increased operating costs for companies. Supply chain tensions, although showing a downward trend, remain high, with construction and the vehicle sales industry experiencing significant limitations due to supply delays.

The labor shortage is an increasing concern, with companies struggling to find qualified staff. Particularly in labor-intensive sectors such as the hotel industry and construction, the challenge of hiring the right profiles persists.

These tensions are impacting the cost structure of companies and putting pressure on business margins, which hampers overall economic improvement. Operating expenses have increased significantly in the second half of 2022, negatively affecting the activity of many companies, especially in the hotel industry.

Throughout 2023, the Andorran economy will face significant challenges. We believe that the efforts made by the Government to minimize the loss of purchasing power for citizens are necessary, but support policies for companies are also crucial. These policies could include tax incentives, subsidies, support for innovation and productivity, and investment in staff training.

Addressing the personnel shortage requires collaboration between companies and educational institutions to identify labor market requirements, design training plans, and internship programs. Continual education and improvements in the immigration strategy are also necessary. Additionally, policies promoting housing accessibility are important for attracting talent.

While all economic sectors should be supported and stimulated, tourism plays a fundamental role in the Andorran economy. A successful tourist season will be key to driving economic growth in 2023. Therefore, continued support for the tourism sector and addressing its structural challenges is essential for long-term competitiveness.

To tackle these challenges, it is crucial to have unity between the public and private sectors and a shared strategic vision for sustainable growth, both in terms of volume and quality of demand and the development of attractive experiences.

The collaboration agreement between the Chamber of Commerce, the CEA, and tourism associations and companies in the country, as well as the agreement between the Chamber and the Government, aim to align national tourism policy with the needs of the business sector, strengthen competitiveness, and ensure that tourism remains a source of growth and economic prosperity.

It is important for the Government to engage in long-term strategic planning to guarantee sustainability and competitiveness. As entrepreneurs, we should actively participate and collaborate with the Administration to contribute our perspective and knowledge in designing a realistic and ambitious strategic roadmap that generates value for the entire society.



NOTE: All the rules in this section have been extracted from the official text published in the Official Bulletin of the Principality of Andorra (BOPA) and have not been translated from their original language, Catalan. Subsequent legal amendments and errata corrections have been incorporated, but uncorrected errata have been retained.