Andorra Business Confidence Dips 0.92% to 101.68 in Q1 2026 Amid Sector Splits

Andorra's harmonised business confidence index (ICEH) stood at 101.68 points in the first quarter of 2026, marking a 0.92% decline from the previous quarter's 102.62 points.

The Department of Statistics, in collaboration with the Andorran Chamber of Commerce, Industry and Services, reported this quarterly downturn, which showed stark sectoral differences. Construction led the gains with a 5.38% rise, followed closely by transport and storage at 7.29%. Information and communications grew 3.69%, while industry increased 1.57%, education and health 1.26%, commerce 0.49%, and financial and insurance activities 0.43%.

Agriculture suffered the sharpest drop at 16.67%, with recreational activities and other services down 6.50%, professional and administrative activities 5.74%, hospitality 2.82%, and real estate 0.73%.

Despite the quarterly dip, the index rose 1.90% year-on-year compared to the first quarter of 2025. Financial and insurance activities topped annual gains at 16.15%, followed by transport and storage at 6.60%, construction 4.98%, education and health 4.21%, commerce 2.80%, industry 2.41%, and professional and administrative activities 1.84%. Recreational activities and other services fell 5.19% annually, alongside real estate at 0.98%, information and communications 0.65%, and hospitality 0.27%.

Department analysts noted that seasonal factors likely influenced fluctuations in sectors such as agriculture, commerce, and hospitality, contributing to quarterly volatility. Overall, the data reveal a mixed economy, with some areas strengthening and others remaining uneven.