Andorra Posts €436M Positive Balance of Payments in H1 2025

Andorra recorded a positive balance of payments in the first half of 2025, with financing capacity reaching €396.6 million in the first quarter and €39.4 million in the second.

The overall financing capacity reflects a surplus in the current account combined with minor capital account contributions. For the first quarter, the current account surplus stood at €369.51 million, bolstered by a €0.08 million capital account gain. In the second quarter, these figures were €39.35 million and €0.07 million, respectively.

Goods and services drove the results, accounting for 107.9% of the current account in the first quarter (€427.72 million surplus) and 106.8% in the second (€42.04 million). Andorra exported services worth €834.49 million and €430.24 million in those periods, while importing goods valued at €406.77 million and €388.20 million.

Primary income showed mixed performance: a €25.04 million deficit (-6.3%) in the first quarter, shifting to a €13.51 million surplus (34.3%) in the second. Secondary income posted losses of 1.6% and 41.2% over the same intervals.

The financial account registered net outflows of €460.70 million in the first quarter and €42.40 million in the second. Direct investment liabilities rose by €69.33 million and €38.64 million, indicating increased foreign commitments. Portfolio investments yielded inflows of €232.95 million and €384.71 million, while other investments netted €292.79 million in the first quarter but swung to a €313.24 million outflow in the second. Financial derivatives added modest gains of €4.30 million and €9.57 million.

Data from the balance of payments, published this week, underscores Andorra's service-export strength amid ongoing trade imbalances in goods.