Andorra Public Sector Q1 2026 Surplus Hits €165.82M, Up 15.8%

Andorra's public sector recorded a €165.82 million budget surplus in the first quarter of 2026 after excluding internal transfers and financial items, marking a 15.8% increase from the prior year, according to Statistics Department data.

The unadjusted budget result stood at €43.72 million in surplus, up 31.8% year-on-year. Total revenues rose 11.5% to €351.07 million, while expenses climbed 9.1% to €307.36 million.

Other key indicators showed strong gains: the management result, which omits financial expenses, assets, and liabilities, reached €54.20 million positive, a 30.3% improvement. The cash result, similarly adjusted, hit €50.14 million, reflecting 34.4% growth.

In the adjusted perspective—stripping out internal government transfers to parishes and the Social Security Fund (CASS), CASS contributions to the Pension Reserve Fund, plus financial assets and liabilities—expenses totaled €140.94 million, up 5.5%. Revenues in this view grew 11.5% to €313.18 million, producing a management surplus of €176.30 million (up 16.2%), cash surplus of €172.24 million (up 16.9%), and overall budget surplus of €165.82 million.

Current expenses increased 11.7% to €277.07 million, with current transfers jumping 14.1% to €194.12 million. Personnel expenses rose 7% to €57.59 million, but real investments dropped 27.9% to €9.65 million.

Revenues were bolstered by current income of €326.52 million, up 10.9%. Direct taxes advanced 15.7% to €165.70 million, fees and other income gained 20.6% to €37.09 million, and capital revenues soared 36.8% to €22.90 million.