A fifteen-page breakdown of Monaco’s 2025 preliminary budget was recently released by the Ministry of Finance. The National Council will be reviewing the budget at the end of December. The document forecasts revenues of 2.098 billion euros and expenditures of 2.187 billion (up 2.6% and 6.1% respectively compared to the 2024 preliminary budget).
“The Initial Budget 2025 presents a forecast surplus of expenditure of – €88.6 million. As a reminder, the 2023 financial year had closed with a surplus balance of + €126.3 million while the 2024 Amending Budget, submitted on 30 June, shows a surplus of revenue of + €82.1 million,” states the preliminary budget.
The 2025 Budget shows revenue forecasts of €2.098 billion, up +2.6% (or €52.2 million) compared to those of the 2024 Initial Budget (€2.046 billion) and expenditure forecasts of €2.187 billion, up +6.1% (or €126.4 million) compared to the 2024 Initial Budget (€2.060 billion).
Increase in revenue from the State
The increase in forecast revenue is mainly due to products and revenues from the State’s domain (+ €47.7 million). On the other hand, tax revenues have stagnated for the first time since 2013 (excluding the health crisis) (+€899K) between the 2025 and 2024 Initial Budgets.
Increase in operating expenses
Operating expenses are forecast to increase by +€46.9M (+6%), including +€18M for personnel expenses, €7.2M for maintenance and repair costs and +€4.8M for the rented property portfolio. Equipment and investment expenses is expected to increase by +€74M (or +9.5%).
National Housing Plan
The National Housing Plan, still represents a significant share of expenditure at €129.5 million (i.e. 15.2%).
Forecast expenses outlined in the 2025 Initial Budget include: supporting major equipment projects such as the Waste Treatment and Recovery Centre (CTVD) project and renovation work on Public Buildings; continuing to strengthen pedestrian mobility, the digital transition and the energy transition; and lastly, support for social, cultural, sports, education and quality of life, all of which are outlined in the preliminary budget.
