Monaco’s economic performance in 2023 was positive, marking a third consecutive year of solid growth, as revealed in the Gross Domestic Product (GDP) report, published by the Monegasque Institute of Statistics and Economic Studies (IMSEE) on 8 November.
The study confirms that the Principality is maintaining its momentum, in line with other key indicators such as an increase in turnover, growth in foreign trade and the sustained growth in salaried employment.
In 2023, the Gross Domestic Product of the Principality of Monaco reached 9.24 billion euros, compared to 8.36 billion in 2022, representing an increase of 5% (adjusted for inflation). Although slightly lower than last year, this solid growth confirms the vitality of the Monegasque economy, driven by a decade of impressive performance with a total increase of 46.5%, which is equivalent to an average annual growth of 4.3%.
The sectoral performances of the Monegasque economy in 2023 reflect a contrasting dynamic, with nominal variations ranging from -6% to +30%. Of the twelve Major Sectors of Activity (GSA), seven saw an increase in their GDP, testifying to the vitality and innovation of certain driving sectors of the economy and the adaptability of the Monegasque economy.
The flagship sectors of the Monegasque economy, Scientific and technical activities, administrative and support services, financial and insurance activities, as well as wholesale trade, continue to play a central role in wealth creation. Their cumulative contribution to the GDP has increased again this year, now representing more than half of the wealth generated in the Principality. This concentration underlines the strategic importance of these sectors, true pillars of Monegasque growth, which strengthen the economic resilience of the territory by attracting talent, capital and innovation.
In 2023, Monaco’s per capita GDP approached 100,000 euros, representing a growth of 2.4% over one year and an increase of more than 26% in ten years. All the detailed figures and comparative tables can be found in the 2023 GDP report, available on the IMSEE website.
