Monaco’s Economy sees Steady Growth in the Third Quarter of 2023

Most of the Principality’s economic indicators experienced steady growth in the third quarter of 2023, according to a new report by the Monegasque Institute of Statistics and Economic Studies (IMSEE).

Between January and September 2023, Monegasque turnover maintained a sustained growth of 9.1%, exceeding €15 billion. The monthly number of hours worked remained higher than each month of the previous year. In real estate, the cumulative amount of transactions increased slightly and reached a record level for the first 9 months of the year.

Snapshot of Monaco’s third quarter

The overall volume of trade in Monaco’s third quarter amounted to €2.6 billion, up 0.5%. Foreign trade (outside France) amounted to €852.4 million. Turnover reached €15.3 billion or +9.1%. Turnover can be broken down as: €3.4 billion  (+€1.0 billion) in Scientific and technical activities, administrative and support services; €2.1 billion (+€354.8 million) in Construction; and €1.7 billion (+€173.4 million) in Retail business. 31 banks hold €150.4 billion in assets (+5.9%) and there were 260 net establishments created (648 creations and 388 write-offs).

Employment is up by over 2,500 jobs

Employment in the Private sector amounts to 62,821 jobs, or 2,709 additional jobs (+4.5%). 77.1 million hours were worked cumulatively, up by 4.3 million hours (+5.9%). There are 6,396 employers, or 30 more (+0.5%).

Tourism and Real Estate

There were 419,372 room nights booked in Monaco’s third quarter (+3.3%), for an occupancy rate of 61.8% and 60,183 cruise days. Real estate saw 28 sales (-65.9%) for €1.0 billion in total (-0.5%). There were 316 resales (-3.1%). Although the number of sales was down, the total reached €1.8 billion (+4.8%).

Transportation

There were 19,470 trips (+0.9%) with 37,428 passengers (-2.9%). 2,359 new vehicles were registered (+20.0%) including 36.2% “ecological” vehicles (According to the Environmental Code, an “ecological vehicle” is an electric or gasoline-electric hybrid vehicle emitting less than 98g of CO2 per kilometre). Lastly, there were 11.8 million stops in public car parks.