Principality of Andorra: 2022 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 179

Publication date: June 2022

ISBN: 9798400212505

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Topics covered in this book

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Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Industries - Hospitality Travel and Tourism , headline inflation , money market rate , IMF Policy recommendation , vis nonresident , expenditure execution , IMF's article , Income , Tourism , Monetary statistics , Europe , Global

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Summary

The Andorran economy is recovering strongly from the pandemic, supported by a rebound in tourism, retail trade, construction, and professional services. Real GDP is expected to reach pre-crisis levels in the second half of 2022. While the unemployment rate is amongst the lowest in Europe and continues to decline, pockets of vulnerability remain. Notwithstanding significant policy buffers, there are still substantial downside risks, notably the impact in Europe of the war in Ukraine, higher than expected inflation, and a resurgence of infection rates.