Andorra closes first quarter with €165.82 million public surplus
Public sector revenues rise 11.5% through March, while spending increases 9.1% compared with last year
Andorra’s public sector closed the first quarter of 2026 with a budget surplus of €165.82 million, according to data from the quarterly public-sector budget execution statistics. The figure represents a 15.8% increase compared with the same period last year.
Between January and March, the different institutional subsectors of the public sector recorded €351.07 million in revenue, 11.5% more than during the first quarter of 2025. Spending, meanwhile, reached €307.36 million, an annual increase of 9.1%.
The figures therefore point to a positive performance of Andorra’s public finances during the first three months of the year, with revenue growing faster than expenditure.
Management result exceeds €54 million
Among the different budget execution indicators, the management result, which excludes financial expenses as well as financial assets and liabilities, recorded a surplus of €54.20 million.
This represents an increase of 30.3% compared with the first quarter of 2025.
The cash result, calculated as the difference between revenue and expenditure excluding financial assets and liabilities, was also positive, with a surplus of €50.14 million, up 34.4% year-on-year.
Meanwhile, the budget result, which incorporates all revenues and expenditures, stood at €43.72 million, representing a 31.8% increase compared with the same period last year.
€165.82 million surplus excluding internal operations
The highest surplus figure is recorded when certain internal operations within the public sector are excluded. This calculation does not take into account internal transfers from the Government to the parishes and the CASS, CASS contributions to the Retirement Reserve Fund, or financial assets and liabilities.
After these adjustments, expenditure executed during the first quarter amounted to €140.94 million, 5.5% more than during the same period last year.
Revenue under this calculation reached €313.18 million, maintaining an annual growth rate of 11.5%.
The management result therefore stood at a €176.30 million surplus, up 16.2%, while the cash result reached €172.24 million, an increase of 16.9%.
Finally, the budget result stood at €165.82 million, 15.8% higher than the figure recorded in the first quarter of 2025.