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Nov 11, 2023 · Monaco’s GDP for 2022 recorded a notable increase, reaching €8.34 billion, up from €7.29 billion in 2021. Adjusted for inflation, this signifies an 11.1% surge compared to the previous year, building on the substantial 21.9% growth witnessed in 2021.
- €32 Million Budget Surplus
- A Hotel Occupancy Rate of Almost 60%
- Heliport: 42,000 Passengers
- Over 3,000 Jobs Created
- 1 Company Created Every Day
- 18% More Trade with The Outside World
- Billion Euros of Real Estate Transactions
- 19 Billion Euros in Turnover
The first striking figure is the budget surplus of €32 million that the Monegasque economy registered at the end of 2022. “This brings us back up to levels that we have not seen since 2018,” the Minister remarked, pointing out that the impact of the Covid-19 crisis has been greatly mitigated in the Principality, thanks in particular to the differen...
On the tourism side, hotel occupancy in 2022 is still slightly lower than pre-pandemic in 2019, but still close to 60%. On the other hand, the average revenue per available room (RevPar, which means the profitability of each occupied room) shows a significant increase, +16% compared to 2019. These healthy figures are due in particular to the return...
One sector that is “nowhere near its pre-crisis level” is the Monaco heliport. While in 2018, 80,000 passengers were registered, it now caters for around half that number, 42,000. The IMSEE Director did mention however, that there was a slight improvement in 2022 compared to 2021. The Minister feels there is a need to “green” this type of air trans...
3,083 jobs were created in 2022, giving a total of 60,000 jobs in the private sector. This is an increase of 5.4% over the previous year. Almost all sectors have grown, although not all of them have got back to their pre-crisis levels, particularly the accommodation/restaurant sector. Approximately 8,000 people are employed in this sector, whereas ...
It is fair to say that companies are popping up like mushrooms in the Principality, whether they are created by Monegasques, notably with the support of the MonacoTech start-up incubator and the MonacoBoost business incubator, or by foreigners. Monegasques, British, French, German and Italian entrepreneurs represent more than 75% of the demand for ...
In 2022, the Principality’s overall trade volume increased by 18% compared to 2021. “At 3.5 billion, we are still slightly below 2019 levels (3.7 billion),” says Alexandre Bubbio. The Director of the Monegasque Institute of Statistics notes at the same time that, not counting France, Italy is still the Principality’s leading trading partner with ov...
After a two-year slump caused by the health crisis, real estate is picking up again in the Principality. With 520 transactions carried out, “we are, in volume terms, slightly under the 2014 – 2016 results, when we had around 560,” comments Alexandre Bubbio. But in value terms, we are way ahead! Real estate reached an unprecedented figure of 3.54 bi...
Close to 19 billion euros at the end of 2022, the Principality’s turnover has increased by 2.5 billion compared to 2021. “This is an unprecedented level,” enthused the Director of IMSEE, but tempered this by mentioning the undeniable impact on prices of the current period of inflation. The biggest contributors to the growth of Monegasque turnover a...
After a strong economic recovery in 2021, Monaco stands out again with double-digit growth. This is revealed in the report on the Principality’s Gross Domestic Product (GDP) for the year 2022, publ...
Oct 15, 2021 · The economic impact of the ongoing pandemic is easing up for Monaco, as seen by a new report published by the IMSEE. The data, which is cumulative since 1 January, reflects the first six months of 2021 and shows a big difference compared with last year’s results.
The economy of the Principality of Monaco continues to rise in 2023 after the growth seen in 2022. Almost all economic aggregates have increased compared to the previous year. Download the infographic.
Oct 11, 2023 · In this article, we will delve into the various ways in which Monaco’s economy influences the world and why its significance extends beyond its compact borders. 1. A Global Financial Hub
Monaco's GDP for the year 2021 amounts to 7.27 billion euros, compared with 5.90 billion in 2020 and 6.60 billion in 2019. It is up by 21.6% in volume compared to 2020, and by 5.8% compared to 2019. For further information, you can access the GDP page or download the annual report.
