安道尔：收入及其长期驱动因素（英）2025

Investment Rating - The report does not explicitly provide an investment rating for the industry in Andorra, but it suggests the need for investments in higher value-added sectors to enhance growth potential [4][28]. Core Insights - Income in Andorra has stagnated over the last 50 years, with current levels slightly below those from 50 years ago, indicating a lack of growth compared to peer countries [4][9]. - The report highlights that Andorra is the only country among European comparators to have experienced a decline in GDP per capita over the past 50 years, contrasting sharply with the growth seen in countries like Malta and Cyprus [10][15]. - The findings emphasize the importance of creating a conducive environment for investment and productivity to drive income growth in Andorra [4][28]. Summary by Sections A. Income Stagnation - Andorra's income has stagnated since the 1970s, with GDP per capita growth barely matching population growth, leading to stagnation [9][13]. - The country has seen a decline in GDP per capita, unlike peers such as Malta and Cyprus, which have experienced significant income growth due to economic diversification and productivity gains [10][15]. B. Economic Sectors and Productivity - The growth in Andorra has been dominated by low value-added sectors, particularly tourism and real estate, while the financial sector's contribution has halved since the 2015 banking crisis [17][20]. - The limited expansion of new businesses, especially in higher value-added sectors like ICT, has been identified as a constraint to economic growth [20][22]. C. Future Directions for Growth - The report suggests that removing structural bottlenecks and diversifying the economy are crucial for improving GDP per capita in Andorra [28][29]. - Recommendations include enhancing the business environment, addressing housing issues, and attracting talent, particularly in ICT [29][30].