On April 27, 2026, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Andorra.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2] The Andorran economy continued to outperform expectations. Growth in 2025 surprised on the upside for the second consecutive year, at an estimated 3.9 percent, driven by strong activity in financial services, real estate, and construction. Inflation eased to 2.4 percent in 2025 but is on an upward trend, while labor market is operating at near full employment.  [...]