Andorra Ends 2025 with €797M Financing Capacity on Services Surplus
Andorra's economy demonstrated robust health, fueled by a record current account surplus where services exports, especially tourism, far outweighed goods imports and income deficits.
Key Points
- Current account surplus hit €798.37M, up 34% from 2024, driven by €874M goods/services balance.
- Services exports reached €2,596M, with tourism up 13.5%; goods imports at €1,722M.
- Financial account net outflow €817M; direct investment deficit €146M, portfolio gains €450M.
- International assets €23B vs liabilities €8.2B, highlighting services-led strength.
Andorra ended 2025 with a financing capacity of €797.18 million, reflecting a current account surplus of €798.37 million, according to figures released by the Department of Statistics.
The surplus rose 34% from 2024, with the goods and services balance delivering €874.09 million—accounting for 109.5% of the total. Services exports reached €2,595.79 million, underlining the country's role as a net services exporter, while goods imports stood at €1,721.70 million. Travel-related services, driven by tourism, increased 13.5% year-over-year.
Primary income recorded a -4.0% deficit of €32 million, and secondary income contributed -5.5%. This current account gain was partially offset by a €1.2 million capital account deficit, yielding the overall financing capacity.
The financial account showed a net outflow of €817.03 million. Direct investment posted a -€146.46 million balance, indicating increased external liabilities. Portfolio investments yielded a positive €450.36 million, other investments €541.88 million, and financial derivatives a -€28.75 million deficit.
Andorra's international investment position at year-end featured €23,003 million in assets and €8,226 million in liabilities. Portfolio investments dominated assets, while other investments formed the largest share of liabilities.
These results highlight the principality's services-led economic strength, where robust exports counterbalance substantial goods imports.
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