Front Matter

IMF Country Report No. 21/108

Abstract

IMF Country Report No. 21/108

Copyright Page

IMF Country Report No. 21/108

PRINCIPALITY OF ANDORRA

SELECTED ISSUES

June 2021

This Selected Issues paper on Principality of Andorra was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on May 18, 2021.

Copies of this report are available to the public from

International Monetary Fund • Publication Services

PO Box 92780 • Washington, D.C. 20090

Telephone: (202) 623–7430 • Fax: (202) 623–7201

E-mail: publications@imf.org Web: http://www.imf.org

Price: $18.00 per printed copy

International Monetary Fund

Washington, D.C.

© 2021 International Monetary Fund

Title page

PRINCIPALITY OF ANDORRA

SELECTED ISSUES

May 18, 2021

Approved By

European Department

Prepared by Joji Ishikawa, Ana Lariau, Jenny Lee, and Michelle Tejada.

Contents

  • CURRENT ACCOUNT BALANCE AND EXTERNAL COMPETITIVENESS

  • FIGURES

  • 1. Current Account Balance and Components

  • 2. Real and Nominal Exchange Rates

  • 3. External Competitiveness of the Tourism Sector

  • TABLE

  • 1. Estimated International Investment Position (2018–2019)

  • References

  • PUBLIC INVESTMENT TO CATALYZE ANDORRA’S RECOVERY

  • FIGURES

  • 1. Stylized Facts on Public Investment

  • 2. Andorra: COVID-19 Impact and Response

  • 3. Impact of Higher Public Investment on Output

  • TABLES

  • 1. National Digitalization Program—Cost Estimates

  • 2. Estimated Job Creation of a Public Investment Stimulus

  • References

  • GROSS INTERNATIONAL RESERVES: QUALIFICATIONS AND QUANTITIES

  • FIGURES

  • 1. Reserve Metrics

  • 2. Banking System Liquidity Coverage, 2020

  • 3. International Reserves

  • References

Principality of Andorra: Selected Issues
Author: International Monetary Fund. European Dept.