The first quarter of 2021 was marked by the pandemic in Monaco, but not to the extent of the previous year, according to IMSEE’s latest report.
IMSEE, the Monaco government’s statistical agency, on Tuesday released its Economic Bulletin for the first trimester of this year. Not surprisingly, the period was defined by the health crisis and the ongoing effects presented by it.
The Principality started its vaccination programme during this time and was fortunate to have been able to avoid a complete lockdown, allowing certain activities to continue, albeit under restrictive conditions. Despite this, many sectors suffered.
On a positive note, the global volume of trade outside of France progressed, with a +13.2% rise, equalling €625 million. This is encouraging, but it still remains well below the levels of 2018 and 2019.
Imports were up a modest +4.8% and it is mainly exports that have benefited from the upturn in international activity, rising +26.7%. The more marked increase in exports than imports mechanically reduces the trade balance deficit by -€91 million, and the cover rate (import/export) is recovering with 74.7% in 2021 versus 61.8% in 2020. Europe remains Monaco’s biggest trading partner and outside of France, Italy is the next biggest partner, followed by Germany and Belgium.
Turnover in Monaco excluding financial and insurance activities amounted to €3.22 billion, down €259 million compared to 2020, or -7.4%. Only large business sectors saw their turnover increase.
Retail saw a big jump on the previous year, with a +21.1% rise in sales figures. This is explained principally by a rise in the automobile trade, jewellery stores and art galleries.
There was also a rise in sales for those making products in rubber and plastic, as well as pharma, where they saw a €14 million gain equalling +7.7%.
Financial and insurance sectors took a big hit, down -39.1% on the previous year. Equally hard hit was the real estate and hospitality sectors who are down -41.3% and -40.1% respectively.
Private sector employment indicators were down in the first quarter. After seeing improvement at the end of 2020, the new year brought another downturn, with 51,390 active jobs in Monaco, a decrease of -3.9%. Catering and accommodation saw a 23.2% drop, though construction saw a +4.7% increase, showing some glimmer of positivity.
The creation of new businesses was down slightly from 208 in 2020 to 188 in 2021 and the number of failed businesses was also down, from 130 in 2020 to 118 in 2021. The activities who fuelled this were largely from the scientific and technology and administrative and support services sectors.
The main hotel indicators are still down sharply, as less tourists are arriving and average stays are decreasing. Only the month of March shows an increase in the occupancy rate of 57%, but still doesn’t touch previous years. The activities of cruise passengers remain at a standstill following the closure of territorial waters and air traffic remains significantly down as well. Due to the limitation of air traffic, the lion’s share of visitors remain very largely European at over 90%.
The real estate market is down compared to the previous years as well. New builds remain at a very low level but comparable to what it usually is during this first quarter. The real estate resale market is down -4% in volume but -27% in value. January’s results primarily explain this decline, as the market rebounded in March with an increase of +32.4% in volume and +4.3% in value.
The number of new vehicle registrations is trending upwards by +18.2%. The use of public car parks decreased slightly by -6%.
The Economy Bulletin put out by IMSEE presents key figures for the Monegasque economy on a quarterly basis. These figures relate to the sectors of Tourism, Real Estate, Transport, Foreign Trade, Consumption, Finance and Employment. The data for the period is based on the previous year’s same quarter.
Month: June 2021
Princess part of new global pledge to end AIDS inequalities
As the UNAIDS International Goodwill Ambassador, Princess Stephanie has addressed a high-level meeting on HIV/AIDS, titled ‘Ending inequalities and taking action to end AIDS by 2030’.
In a video message last week, Princess Stephanie called for lessons to be learned from the concomitant epidemics of HIV and Covid-19, in order to build stronger health systems. She welcomed the new UNAIDS global strategy which focuses on inequality reduction and prevention, in particular for key populations, and recalled the financial support that Monaco has been providing to the program for almost 25 years.
Princess Stephanie also spoke about her association, Fight Aids Monaco, and its commitment made in 2018 – ‘Towards Monaco without AIDS’ (Vers Monaco sans sida).
The high-level meeting of the United Nations General Assembly on HIV/AIDS ended with the adoption of a Political Declaration, an ambitious text which sets new targets to be achieved by 2025.
World leaders agreed to reduce the annual number of new HIV infections to under 370,000 and AIDS-related deaths to 250 000, eliminate new HIV infections among children, end paediatric AIDS and eliminate all forms of HIV-related discrimination by 2025. They also committed to providing life-saving HIV treatment to 34 million people by 2025.
Monaco’s Permanent Representative to the United Nations New York Isabelle Picco chaired the meeting in her capacity as Vice-President of the current General Assembly.
Photo: Government Communication Department, DR
Ballets de Monte-Carlo goes green
Monaco philanthropists rally behind Sir Stelios charity event
The Stelios Philanthropic Foundation has raised its largest amount yet for the Prince Albert of Monaco Foundation and the WWF, money that will go towards protecting emblematic species of the Mediterranean Sea.
Prince Albert was joined by Marco Lambertini, Director General of WWF International, Sir Stelios Haji-Ioannou and other personalities for the charity dinner at the Stelios Philanthropic Foundation conference hall on Monday 14th June.
“I am delighted that with this exclusive seated dinner, whilst complying with the latest Covid rules, we have been able to welcome Monaco philanthropists to the new normal of giving back to society in the Principality,” Sir Stelios told Monaco Life.
Each guest was invited to donate €1,500 for the exclusive evening, with all donations matched by the Stelios Philanthropic Foundation and equally shared between the WWF and the Prince Albert II of Monaco Foundation.
The WWF’s cause this year is to protect the Mediterranean and its emblematic pelagic species: whales, sharks, tuna and swordfish.
“This dinner is all the more important in that it offers us the opportunity to rediscover the value of an adventure which seemed to come to a halt for several months, and to make a connection between our past successes and our future challenges,” said Prince Albert in his speech on Monday night.
“Our sea, the Mediterranean, is still under severe threat. Many essential ecosystems are vulnerable. Pollution has not gone away. The coastline is deteriorating. Human activities are proliferating, often still uncontrolled. Emblematic species, such as whales, sharks and swordfish, are at risk of extinction. Consequently, more than ever before, we must continue to take action, all together.”
Every year for the past 10 years, the Stelios Philanthropic Foundation has hosted an annual fundraiser to raise money for the two foundations. Last year, when the event couldn’t go ahead due to Covid and there were no guests to contribute, the foundation still gave a donation because, as Sir Stelios says, “We believe in helping every year, forever.”
This year, however, was special. The final count at the end of Monday night’s event was €216,000 – the largest amount raised to date – and half of it will go towards a foundation which is this year celebrating its 60th anniversary and has been a main partner of the Prince’s Foundation for many years.
“The WWF was established in 1961, six years before I was born, and they have been championing the environmental cause long before it was fashionable to do so,” said Sir Stelios. “I would like to thank all the very generous donors who contributed €1,500 per person for attending the dinner and even more so to those who donated without attending.”
Photos provided by the Stelios Philanthropic Foundation
Scientists link biodiversity and climate in new report
The Prince Albert Foundation has welcomed a new report by the IPCC and the IPBES that stresses the necessity for countries to work together to stop the worst effects of climate change and species loss.
The workshop report marks the first collaboration between the United Nations’ Intergovernmental Panel on Climate Change (IPCC) and the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES). It puts a spotlight on how nations working in accord is crucial in confronting climate change and loss of biodiversity.
The report states that the effects of climate change and the accompanying unprecedented loss of species are due to a comparable list of human-driven causes, and as a result, for any solutions to have real and lasting effect, countries will need to be unified in their approaches and dedication.
“We are seeing multiple impacts of climate change on all continents and in all ocean regions,” Hans-Otto Pörtner, co-chair of IPCC Working Group II, said at a press conference. “These increasingly add to the enormous human pressure on biodiversity, which is causing its progressive loss.”
“Every bit of warming matters,” Pörtner added. “Every lost species and degraded ecosystem matters.”
The report comes from the first-ever collaboration looking at research where biodiversity and climate change is intersected, how this is affecting all life, and what is being done about the various crises.
The report was released on the eve of the G-7 Summit, giving the leaders of these powerhouse nations an opportunity to discuss and work together on an important issue that most admit has been done independently.
Though international agreements such as the Paris Accord, which aims to stabilise global temperatures at 2°C above pre-industrial levels, do exist, carbon emissions remain largely unchecked. The result is that a million species are coming perilously close to extinction, according to a 2019 IPBES study.
“What we want to emphasise here is how relevant biodiversity conservation is for climate change mitigation,” said Anne Larigauderie, Executive Secretary of the IPBES.
Nature-based solutions are being touted as a significant way to “sponge” carbon from the air, whilst also offering safe habitats to threatened species. The agreed upon definition of a nature-based solution, as defined by Paul Leadley, a professor of ecology at Université Paris-Saclay, is that “they’re good for nature, they help solve the climate crisis, and they’re also good for people.”
This seems straightforward enough, but some things being sold as nature-based solutions aren’t delivering all on fronts. An example is the planting of a single species of tree in an area where that tree is not indigenous. This may be marginally effective in helping with carbon, but it does nothing to assist in the preservation of biodiversity.
The loss of biodiversity and climate change impacts society’s most vulnerable disproportionately.
“Any policy intervention to try to solve the crisis, coupled environmental crisis, will have winners and losers,” said Unai Pasqual, a research professor with the Basque Centre for Climate Change.
One of the biggest focuses the authors had was how to produce food sustainably for the world’s mammoth 7.67 billion people.
Livestock and humans now account for nearly 96% of all mammal biomass on Earth, and more species are threatened with extinction than ever before in human history.
Roughly a third of land is being used for food crop production, putting a huge strain on what is already a dwindling number of habitats for biodiversity. Food crop growing creates greenhouse around 30% of the world’s total gas emissions as well as using a disproportionate amount of fresh-water resources.
In order to turn things around, say experts, countries will need to work in symbiosis to change the way entire societies work and think. No small feat, but some are seeing it as a chance to set things right.
“There’s a huge opportunity here,” said Yunne-Jai Shin, senior director of research at France’s National Research Institute (IRD) in Montpellier. “By mobilising our energy and finances, our individual choices, by transforming our systems, we can kill two birds with one stone.”
Another way to stop further damage is to set aside more land for conservation. Currently, 17% of land is protected. The authors of the report said that number must be raised substantially to 30%, preferably as high as 50%.
Increasing the connectivity and quality of these protected lands will fall largely to community or indigenous-managed regions, who tend to treat the land better as a matter of course, knowing that its survival dictates theirs.
The Prince Albert II Foundation, who has long been a champion of the environment, applauded the report’s conclusions, saying, “The link between biodiversity and climate is at the heart of many of the Foundation’s actions, both from a scientific and governance standpoint. It is undeniable that climate change influences the degradation and loss of biodiversity on the one hand, and that a healthy nature helps to mitigate the effects of climate change on the other. This important and long-awaited work by scientists confirms and further elaborates on the synergies and interactions between these two major challenges we face.”
Photo by Alenka Skvarc on Unsplash
Roca team fall to Nanterre
AS Monaco Basketball couldn’t hold onto their winning ways in Nanterre where they suffered a 79 to 86 defeat on the opponent’s home turf.
Monaco Life with AS Monaco Basketball press release, photo by AS Monaco Basketball