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International Monetary Fund. Statistics Dept.

A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Andorran Statistics Department (ASD) in the Principality of Andorra in March and April 2022. The mission focused on initiating the compilation of international investment position (IIP) and in producing balance of payments statistics regularly with an improved coverage and quality. The mission also assisted the ASD in developing the new direct reporting system, which will be used as one of the main source data for compiling balance of payments statistics and IIP annually.

International Monetary Fund. Statistics Dept.

A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Andorran Statistics Department (ASD) in the Principality of Andorra in September 2023. The mission focused on preparing plans to improve the frequency of producing balance of payments statistics and international investment position (IIP) from annual to quarterly and to enhance the coverage and quality of the balance of payments and IIP data. The mission assisted the ASD in establishing the framework of the quarterly enterprise survey, which will be used as one of the main source data for compiling balance of payments statistics and IIP quarterly.

International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Andorran Statistics Department (ASD) in the Principality of Andorra in March and April 2022. The mission focused on initiating the compilation of international investment position (IIP) and in producing balance of payments statistics regularly with an improved coverage and quality. The mission also assisted the ASD in developing the new direct reporting system, which will be used as one of the main source data for compiling balance of payments statistics and IIP annually.
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission on external sector statistics (ESS) was conducted for the Andorran Statistics Department (ASD) in the Principality of Andorra in September 2023. The mission focused on preparing plans to improve the frequency of producing balance of payments statistics and international investment position (IIP) from annual to quarterly and to enhance the coverage and quality of the balance of payments and IIP data. The mission assisted the ASD in establishing the framework of the quarterly enterprise survey, which will be used as one of the main source data for compiling balance of payments statistics and IIP quarterly.
International Monetary Fund. African Dept.

Andorra is a microstate with a large and unique banking sector, dominated by private banking activities. This paper looks at how Andorran banks and its banking sector compare with regional peers-to provide a better understanding of its specificities but also draw lessons from other countries. We analyze how this unique setup influences bank soundness and performance and find, unsurprisingly, that size, interest rates, and economic growth are key to profitability. Policy lessons are derived from the large size of the banking system—which calls for proactive supervision and risk mitigation.

International Monetary Fund. African Dept.

Climate change is macro-critical to Andorra: with (mostly winter) tourism accounting for one third of its economy, Andorra is directly exposed to climate change—shorter winter seasons, declining snow falls, higher costs from artificial snow making are all negatively affecting the economy’s main business. Because of its higher altitude, Andorra is more resilient than other winter tourism locations in the region and should use this window of opportunity to enact needed policies. The authorities’ climate change strategy—with ambitious goals—is focused on mitigation. Using the Climate Policy Assessment Tool (CPAT), this paper analyzes the feasibility of achieving the decarbonization objective under different scenarios of carbon tax and efficiency gains. The results show that achieving the decarbonization objectives would require very substantial efficiency gains in the power, transport, and residential sectors and a considerable increase in the carbon tax and. The adaptation component of the government’s climate change strategy is paramount given the macro-criticality of climate change but is still at an incipient stage.

International Monetary Fund. African Dept.

IMF Country Report No. 24/57