Andorra Business Confidence Rises 1.65% QoQ to 102.62 in Q4 2025

Andorra's harmonised business confidence index (ICEH) rose 1.65% quarter-on-quarter in the fourth quarter of 2025, reaching 102.62 points from 100.95 in the prior quarter, based on official Estadística figures. Some reports noted a 1.67% gain, while the annual decline stood at 2.69% from Q4 2024, with minor variations to 2.6% cited elsewhere.

Sectoral shifts showed stark contrasts. Quarterly gains were led by agriculture at 60%, hospitality at 16.63%, professional and administrative activities at 5.64%, transport and storage at 3.77%, overall services at 2.36%, education and health at 0.94%, and information and communications at 0.26%. Declines hit financial and insurance activities hardest at 5.12%, followed by industry at 4.99%, recreational activities and other services at 3.11%, real estate at 2.34%, commerce at 1.69%, and construction at 1.52%.

On an annual basis, the index fell across most sectors. Only agriculture gained 14.42%, professional and administrative activities rose 3.3%, and recreational activities and other services edged up 0.09%. Losses included financial and insurance activities at 11.3%, commerce at 6.95%, industry at 6.2%, construction at 5.57%, real estate at 4.98%, hospitality and education/health both at 3.14%, information and communications at 0.92%, transport and storage at 0.47%, and overall services at 1.8%.

Estadística highlighted seasonal influences on quarterly results in agriculture, hospitality, and commerce, while trends in industry, finance, and professional services appeared more structural. The mixed performance underscores persistent sectoral differences, with quarterly upticks failing to reverse the yearly downturn. The ICEH, derived from business surveys, gauges company optimism about economic conditions and their operations.