Andorra Public Sector Spending Up 6.1% to €942M, Revenues Surge 8.3% in Q3 2025

Public sector spending in Andorra rose 6.1% year-on-year to €942.24 million in the third quarter of 2025, while revenues grew 8.3% to €1,132.51 million, figures from the Department of Statistics show.

This performance generated surpluses across core fiscal indicators. The management result—revenues minus non-financial expenses, excluding financial assets and liabilities—stood at €230.69 million, up 12.6% from Q3 2024. The cash result recorded €216.91 million in surplus, a 14% increase. The overall budgetary result, encompassing all revenues and expenses, reached €190.26 million, gaining 20.4%.

Excluding internal transfers—such as Andorran Government payments to parishes and the Social Security Fund (CASS), plus CASS contributions to the Pension Reserve Fund—and financial assets or liabilities, adjusted expenses came to €532.47 million, up 6.6%, with revenues at €1,022.41 million, rising 8.7%. Surpluses then expanded to €503.73 million for management results (+10.5%), €489.94 million for cash (+11.1%), and €463.30 million for budgetary (+13.3%).

For July-September activity alone, expenses totalled €328.48 million (+5.8%) and revenues €385.19 million (+6.1%). Management surplus hit €74.15 million (+10.2%), cash €69.15 million (+11.3%), and budgetary €56.70 million (+7.9%). After adjustments, quarterly expenses were €169.51 million (+4.7%) against revenues of €356.77 million (+7.6%), yielding management surplus of €192.26 million (+9.9%), cash of €187.25 million (+10.3%), and budgetary of €174.81 million (+9.2%).

These outcomes highlight ongoing public sector strength midway through 2025, as revenues continue outpacing spending growth.