The Andorrans voted last Sunday in favor of continuity by granting confidence to Xavier Espot, current head of government, for four more years. And it is that the principality seems like an island in the midst of so many storms that exist in the surrounding countries. The growth of the Andorran economy in 2022 was 9%, and for the next few years it is expected to rise well above the European average. The elimination of bank secrecy in 2016 has not caused any turbulence, and the sector closed last year with a positive result of 113 million euros. The climate crisis that could affect snow tourism, one of the great resources of the Andorran economy, is not being noticed in the principality either because this season it is close to achieving a great record of ski passes to the Grandvalira macro-station. The recent celebration on these slopes of the Ski World Cup finals is the best proof of the organizational capacity of the Country of the Pyrenees.
The only cloud on the horizon is the association agreement with the European Union, which means Andorra's access to the European internal market and will allow the free movement of people, goods, services and capital. The Andorran government and the EU authorities have been negotiating for seven years and everything seems well focused. However, one of the fundamental keys will be to know how the Andorran tax model will be definitively, which is a great attraction for companies and individuals.
The reality is that the doomsayers who predicted an economic crisis in the small country at the cost of the elimination of bank secrecy are now face to face with reality. Tourism and commerce continue to be the two great engines of the economy, to the point that the price of homes per square meter in 2022 grew by 6.1%. Whoever visits it will realize the great construction intensity that exists in the country.
Espot will have an absolute majority with his formation, Demòcrates, to maintain his roadmap. Andorra has chosen stability.
