Andorra’s public debt falls to €1,209.1 million, equivalent to 30.4% of GDP

Andorra’s public debt stood at €1,209.1 million in 2025, down 1.6% from €1,228.9 million the previous year. The decrease amounted to €19.8 million, according to figures released on Thursday by the Department of Statistics and reported by ANA.

Debt also declined relative to the size of the economy. The debt-to-GDP ratio across all public administrations fell to 30.4% of nominal GDP, down 2.5 percentage points from 2024 and 10.1 points below the average for 2020–2024.

For the central government, the ratio stood at 29.4% of GDP, a decrease of 2.4 percentage points from the previous year and 9.2 points compared with the average for the preceding five years.

Debt per capita falls by 3.8%

Public debt per capita stood at €13,577 in 2025, down 3.8% from 2024. Compared with the average for 2020–2024, the decrease was 11.1%.

This indicator measures the amount of public debt relative to the country’s population.

Long-term debt accounts for 99.5% of the total

Almost all public debt has long-term maturities. Long-term debt accounts for 99.5% of the total, while short-term debt represents the remaining 0.5%.

Long-term borrowing decreased by 1.6% compared with 2024. Within this category, bank debt fell by 7% and non-bank debt by 1.4%.

By source of financing, bank debt represents 4.2% of the total and non-bank debt 95.8%. Year on year, bank debt decreased by 6.2%, while non-bank debt fell by 1.4%.

Debt owed to overseas creditors stands at €1,170.6 million

Based on creditors’ place of residence, external debt totalled €1,170.6 million, down 1.5% from the previous year. Of this amount, €1,158.6 million was non-bank debt and €12 million was bank debt.

External bank debt decreased by 8.7%, while external non-bank debt fell by 1.4%.

Debt owed to domestic creditors stood at €38.6 million, down 5.4% from 2024, and consisted entirely of bank financing.