National Debt (% of GDP): Andorra

Analysis# Andorra National Debt (% of GDP) Andorra's national debt stood at 30.7% of GDP in 2026, down significantly from its all-time peak of 48.6% in 2021. Since 2001, the metric has risen 94.3% overall, climbing from a low of 14.8% in 2005. The current level reflects a sustained recovery from the pandemic-era spike that characterized the early 2020s. The sharp debt increase from 2019 (35.4%) to 2020 (46.4%) marked a critical turning point, driven by pandemic-related fiscal pressures. From that peak in 2021, Andorra has reduced debt consistently each year—dropping 18 percentage points in five years. The downward trajectory suggests fiscal consolidation efforts are taking hold, positioning the country on a path toward pre-pandemic debt levels if the trend continues.