Page 92 - Economic report 2018

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

2016 2017 2018
Jan-Jun Jul-Dec Average Jan-Jun Jul-Dec Average Jan-Jun Jul-Dec Average
1. Business activity Good 36 46 41 44 36 40 39 53 46
(reviewed half-year) Normal 54 48 51 44 53 49 52 40 46
Bad 10 6 8 12 11 12 9 7 8
Balance 26 40 33 32 25 29 30 46 38

2. Orders High 11 15 13 12 9 11 19 21 20
(reviewed half-year) Normal 60 56 58 63 64 64 57 63 60
Low 29 29 29 25 27 26 24 17 21
Balance -18 -14 -16 -13 -18 -16 -5 4 -1

3. Stocks of finished products Excessive 9 6 8 6 10 8 3 8 6
(reviewed half-year) Adequate 47 44 46 54 57 56 58 43 51
Insufficient 3 4 4 6 1 4 3 3 3
No stocks 41 46 44 34 32 33 36 46 41
Balance 6 2 4 0 9 5 0 5 3

4. Average production capacity utilisation
(in %) 67.7 66.9 67.3 68.6 70.7 69.6 73.2 72.3 72.7
(reviewed half-year)

5. Production Higher 33 45 39 29 40 35 33 36 35
(compared with same half-year Similar 45 38 42 56 38 47 46 47 47
of previous year)
Lower 22 17 20 15 22 19 21 17 19
Balance 11 28 20 14 18 16 12 19 16

6. Sales prices Higher 13 7 10 14 11 13 15 16 16
90 (compared with previous Equal 74 81 78 74 82 78 79 77 78
half-year)
Lower 13 12 13 12 7 10 6 8 7
Balance 0 -5 -3 2 4 3 9 8 9

7. Number of employees More 6 12 9 9 11 10 11 9 10
(compared with previous Same 86 75 81 83 85 84 79 82 81
half-year)
Less 9 13 11 8 4 6 10 9 10
Balance -3 -1 -2 1 7 4 1 0 1

Source: Chamber of Commerce, Industry and Services of Andorra.
The Andorran economy: developments in the main sectors | X. Industry

The results of the Chamber’s situation survey indicate that the recovery made gradual progress
in the industrial sector, although the rate of growth slowed in comparison with the previous
year, in line with the GVA data. Industrial businesses indicated an average increase in turnover
of 2.2% in 2018, compared with 3.1% in the
In 2018, industrial activity improved, previous year. They also indicated that the
but indicators of activity are still weak. slightly rising trend in employment continued.
The results of the situation survey for the
second half of 2018 confirm that although
business confidence in the sector is definitely still rising, the improvement has still not resulted
in an effective increase in the rate of activity in most industries. In fact, the latest indicators of
activity contained in this situation survey hardly improve. Specifically, the climate expressed by
the businesspeople about the trend in business activity saw a major improvement throughout
the year, with the most optimistic valuations of the last 18 years in the second half of 2018.

Nevertheless, taking into account the trend in industrial production, the improvement in
activity is slight. The opinions of businesses that were consulted indicate that the growth rate
in production in the second half of 2018 stabilised at very low levels, confirming the weak