23 ° C
Profile

Day: 15 December 2020

IMSEE: Turnover down €1.2 billion

by: Cassandra Tanti
15/12/2020

New third quarter figures show that an uptick in activity over the months of July and August was not enough to improve Monaco’s economic situation, with almost all sectors in the Principality showing significant losses.
Monaco’s statistics body IMSEE released its third quarter report on Tuesday, detailing activity in all sectors of the Principality between the months of July, August and September 2020.
It shows that Monaco’s economy, like the rest of the world, continued to feel the impact of a health crisis that remains fragile and uncertain.
At the end of September 2020, the Principality’s turnover year-to-date, excluding financial and insurance activities, amounted to €9.76 billion. That is €1.2 billion, or 11.5%, less than in 2019. Not surprisingly, accommodation and food services experienced the largest drop of 51%.
Foreign trade
The overall volume of trade, excluding France, was down significantly and while purchases halved, sales did hold up better, falling only by a quarter.
Transactions with the European Union declined by 39%, while trade plummeted by 47% outside the EU. Italy remains Monaco’s main commercial partner with 18% of sales and 35% of purchases.
Outside the European Union, Switzerland is Monaco’s number one customer with exports there up 51%. China is Monaco’s leading supplier, with imports increasing by 28%.
Trade with the United Kingdom fell by 75% for imports and 58% for exports but still remains a significant partner.
Turnover
Only two major sectors of activity (GSA) bucked the downward trend: Scientific and Technical Activities, Administrative and Support Services which continued to increase by 31% (+€444 million), and Other Specialised Activities, which saw growth of €770m or 670%.
Travel Agencies suffered a 75% drop in turnover, or €133 million, and wholesale trade revenues dropped by €487 million.
Revenue was significantly down in the accommodation and catering sector, with €338 million, or 51%, less than the same period last year.
Finance
The amount of assets managed by banks decreased over the previous 12 months by 3%, while the amount of loans remained positive (+ 5%). Deposits also fell by 2%. Over the third quarter of 2020, there was a slight decrease in the amount of assets under management (-1%) due to an outflow of nearly one billion euros over this period.
Private Sector Employment
The CTTR temporary unemployment system cushioned the fall in unemployment as soon as it was put in place in March 2020. At the third quarter, the number of jobs stabilised, though still sat below 2019 levels, as employers made less use of the CTTR.
There was a total of 53,587 jobs in September, which is a decrease of 4,454 jobs (-7.7% compared to September 2019), however it was a 2.3% improvement compared to the second quarter 2020.
At the end of the third quarter, only 540 jobs remained in CTTR compared to 9,386 in April.
Accommodation and food services was the most affected sector, with a loss of 2,218 jobs compared to 2019 (-23%).
New enterprises
In Q3 2020, new enterprises were down 527 compared to 682 in Q3 2019. Despite a gradual recovery from May and a return to normal in July and August, the number of new businesses plummeted in September: only 50 in 2020 against 104 a year earlier. In all sectors, new enterprises were down compared to the previous year, with the exception of construction, which remained even.
Real estate saw the biggest impact, with 57 less registrations in Q3 2020 compared to 100 in Q3 2019. Outside of Covid, this drop is a result of a January regulation capping the number of real estate agents in Monaco.
Hotel industry and cruises
Unsurprisingly, the hotel industry continued its decline. The hotel occupancy rate reached 30% on 30thSeptember compared to a 70% occupancy rate over the same period in 2019.
The summer period failed to compensate for the dismal second quarter or for the decline seen in September.
There were 53.7% less visitors to Monaco than in 2019, while room occupancy more than halved at -57.2%. There were more European customers this year (75.6%) due to international travel restrictions, and a ban on cruise ships meant there was just one cruise stopover and 1,105 passengers since the start of the year.
Real Estate
The number of property sales was very much down compared to 2019. The good results of the third quarter (seven transactions) did not make up for the delay accumulated since the beginning of the year (four transactions for the first two quarters).
In terms of volume, the real estate resale market decreased, with 20 transactions less than the previous year. Value wise, property indicators fell sharply by 21.5% due to the type of properties sold – 11 villas or buildings were sold in 2019 while only four such transactions were made in 2020.
“What is important today is the recovery plan with certain immediate effects such as the injection into the economy of 5.5 million euros through the Red and White Fund,” said Finance and Economy Minister Jean Castellini during a press conference on Tuesday, “as well as the Carlo application, the continuation of the CTTR to relieve businesses and of the CARE (Support Commission for Economic Recovery).”
 
 

Latest Monegasque Annales hot off the presses

by: Stephanie Horsman
15/12/2020

History buffs and those interested in the Monaco of bygone days will be delighted to learn that the 44th edition of the Monegasque Annales has been published and is on sale now.

Reviewing Monaco’s great history and historical achievements, the Monegasque Annales has been a staple for those who want to know more about the country they live in, as well as those interested in the fascinating history of the country.

The Annales are put out by the Prince’s Palace Archives and each edition covers different topics of historical interest.

This edition will feature articles on themes such as a series of portraits painted by 18th century artist Marie-Anne Loir, mural paintings done by Ferdinand Wagner in the Cour d’Honneur at the end of the 19th Century, the making of La Carriere d’un Navigateur (Career of a Navigator) written by Albert I, the literary and artistic friends of Princess Alice and Prince Albert I, Martin Dale’s modernisation projects of the early 1960’s, and Christine of Sweden’s 1656 stay in Monaco during an epidemic.

In conjunction with the release of the Monegasque Annales, a documentary film is also being put out through a collaboration between The Palace Archives and the Audio-Visual Institute called Monaco and the Sea. The film is available on DVD and can be purchased on https://www.toutlartducinema.mc/product-page/dvd-monaco-et-la-mer

Prince Honore III, provided by the Palace Archives

A new CD has also been released as part of the tercentenary (300th anniversary) of Prince Honore III. The CD, entitled Musicians of the Princes of Monaco in the 18th Century, will be sold online at https://www.uraniarecords.com/prodotto/les-musiciens-des-princes-xviii-siecle

The Monegasque Annales can be found at bookstores, newsagents and online at www.annales-monegasques.mc

 
 

Prince Albert receives Golden Eagle of Nice

by: Stephanie Horsman
15/12/2020

Monaco’s head of state has been honoured with the ‘Aigla Nissarda’, or Niçoise Golden Eagle, at a ceremony held at Villa Messéna, highlighting his ongoing support and contributions to the city of Nice.
Prince Albert II of Monaco was awarded the Golden Eagle award on Friday 11th December by the President of the Aigla Nissarda order, François Daure. The Sovereign shared the stage with Nice’s long time mayor, Christian Estrosi, who was also a recipient.
The Order of the Golden Eagle is a nearly 60-year-old association created to honour individuals who have a connection to the city of Nice and who “contribute to its influence and development.”

Prince Albert receiving the ‘Aigla Nissarda’ during a ceremony in Nice. Photo by G. Luci / Prince’s Palace

The first award was created by Léon Baréty, a former minister and deputy for the Alpes-Maritimes, in 1962. Baréty is the uncle of the current President of the Order, who revived the tradition in 2019 after it had slowly faded out over the years.
In a twice-yearly meeting, the Order gathers to propose and evaluate nominees. The criteria are that they have met at least one of seven areas of involvement: neighbourhood life, traditions and heritage of the old County, the influence and attractiveness of Nice, community life and solidarity, the environment, health and research and sport and culture.
 
Top photos: G. Luci / Prince’s Palace
 
 

Seasonal flu jab now available to all

by: Stephanie Horsman
15/12/2020

Stage four of the seasonal flu vaccination campaign is underway and anyone wishing to receive the jab can now obtain it in pharmacies throughout Monaco, regardless of where you live.

Phase one of the drive to inoculate the population against the seasonal flu began back in October, with priority being given to those living in Monaco aged 65 and over. The second phase, which came on 3rd November, was dedicated to all Monaco residents. Then on 23rd November, it was the turn of state insured employees of the Principality and their beneficiaries.

Now, as of 14th December, the vaccine is available to all, even non-residents and those without a prescription. To obtain the flu jab, one must simply go to a pharmacy and ask. The vaccine can be administered by a willing pharmacist, a person’s attending doctor or a private nurse.

The jab is fully reimbursable through the patient’s social security scheme.

As the idea is to inoculate as many people as possible, the Monegasque health authorities opened the window wide. The main reason for the push is to prevent people from the combined one-two punch of getting the flu and Covid at the same time.

It is rare for people to catch both at once, but not unprecedented and the risks can be far more profound. In analyses of cases from January to April 2020 done by Public Health England, they found that people with both viruses were more than twice as likely to die than if only fighting one virus alone.

It is also possible that having both viruses at once could amplify how poorly a patient feels during the illness, as the body is fighting off double trouble.

The study was small, only 58 people, and the evidence is still coming in, but the risks seem unnecessary when seasonal flu can be avoided by simply getting vaccinated.

 
Photo source: Pixabay
 
 

Who are this year’s ROMAGE photography winners?

by: Stephanie Horsman
15/12/2020

The results of the 2020 RAMOGE: Man and the Sea photography competition are in after record participation from artists coming from all around the world.
ROMAGE is an international cooperation agreement to preserve the coastline and marine environment between France, Monaco and Italy for the zone between Marseille and La Spezia.
The RAMOGE Agreement uses the photography competition to raise awareness about the relationship between human activities and the Mediterranean, both positive and negative.
The entries for this year’s ‘RAMOGE: Man and the Sea’, held in conjunction with the International Federation of Photographic Art (FIAP), closed at the end of September with nearly 200 photographers entering over 950 photos from all across the globe.
After months of deliberation, the jury has finally announced the winners.
Under the category ‘Man and the Sea’, 1st prize went to Biagio Salerno, 2nd prize to Stéphane Jamme, and 3rd prize to Giannicola Marello.

RAMOGE Zone winner Marc Biancheri, for La Turbie

For the category ‘RAMOGE Zone’, dedicated to images taken between Marseille and La Spezia, the winners are 1st prize for Marc Biancheri, 2nd prize to Magali Boussion, and 3rd prize to Roberto Serra.
For the ‘Young photographers’ under 21 award, 1st prize went to Alexander Folomeev, 2nd prize to Arturo Bellan, and 3rd prize to Alexia Postiferri.
For the ‘Free Theme’ category, the 1st prize recipient was Giuseppe Tomelleri,  2nd prize was Eduardo Perea, and 3rd prize was Marco Merello.
Free Theme category winner Giuseppe Tomelleri for Val d’Orcia, a region of Tuscany

The international jury was comprised of Greg Lecoeur (Nature Photographer of the Year – National Geographic, 2016), Sergio Pitamitz (Environmental Photojournalist of the Year NPPA, 2016) and Pierluigi Rizzato (12 times winner of the FIAP Nature World Cup).
 
Top photo: ‘Man and the Sea’, 1st prize winner Biagio Salerno