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

Andorra's public sector posted a €165.82 million budget surplus for the first quarter of 2026, up 15.8% from the year-earlier period, according to data released Monday by the Department of Statistics.

Total expenses across institutional subsectors totaled €307.36 million from January to March, a 9.1% rise year-on-year. Revenues grew 11.5% to €351.07 million.

Key metrics included a management result—excluding financial expenses and assets or liabilities—of €54.20 million in surplus, up 30.3%. The cash result, also stripping out financial items, reached €50.14 million, a 34.4% increase. The overall budget result, covering all revenues and expenses, stood at €43.72 million positive, reflecting 31.8% growth.

In an adjusted view excluding internal government transfers to parishes and the Social Security Fund (CASS), CASS contributions to the Pension Reserve Fund, and financial assets or liabilities, expenses came to €140.94 million, up 5.5%. Revenues under this measure hit €313.18 million, also rising 11.5%. This yielded a management surplus of €176.30 million (16.2% higher), cash surplus of €172.24 million (16.9% growth), and overall budget surplus of €165.82 million (15.8% increase).

Current expenses reached €277.07 million, up 11.7%, driven by a 14.1% jump in current transfers to €194.12 million. Personnel costs rose 7% to €57.59 million, while real investments fell 27.9% to €9.65 million.

On the revenue side, current income totaled €326.52 million, a 10.9% gain. Direct taxes climbed 15.7% to €165.70 million, and fees plus other income increased 20.6% to €37.09 million. Capital revenues surged 36.8% to €22.90 million.