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Writer's pictureAndré Giacometti

Monaco's Economy Sees Divergent Trends: Turnover Falls, Employment Rises in Key Sectors

Monaco's economic landscape in the first half of the year presented a complex picture, with a discernible downturn in overall turnover, which decreased by 7.4 percent to 9.4 billion euros, despite positive trends in employment and certain service sectors. A detailed report by Monaco’s Institute of Statistics and Economic Studies (IMSEE) highlighted growth in the accommodation and catering sectors, where job numbers now exceed 10,000, with hotel operations exhibiting upward trends in all performance metrics. However, significant declines were noted in wholesale trade, scientific and technical activities, administrative services, and real estate, with the latter experiencing a notable drop in property sales by dealers.

The tourism and hospitality sectors emerged as resilient high points, with enhanced hotel activity metrics and a notable influx of non-EU tourists, predominantly from the United States and the United Kingdom. Although the cruise passenger numbers fell, helicopter traffic increased, signaling a shift in visitor transportation preferences. Concurrently, the private sector employment saw a rise of 3.6 percent, reaching 65,729 jobs, with the accommodation and catering industry observing the most substantial growth.

Amid these mixed economic signals, Monaco’s trade deficit widened, influenced by a 12 percent increase in imports, totaling 2.1 billion euros. The real estate sector, despite a decrease in the number of transactions, maintained high value levels, indicating sustained market strength. Meanwhile, the financial and insurance sectors demonstrated robust growth, with a significant rise in turnover and managed assets, underscoring Monaco's capacity to navigate through economic adversities with strategic sectoral strengths.

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