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Month: March 2024

Economy: Revenues exceed €20 billion for the first time in Monaco 

by: Elsa Carpenter
22/03/2024
monaco economy

2023 was a year of strong growth for the Monaco economy, with revenues exceeding €20 billion for the first time in history. 

According to the most recent economic report for 2023, which was released by Monaco’s statistical agency IMSEE on 15th March, revenues in the Principality rose by more than €1 billion in 2023, when compared to 2022, taking the total over the threshold of €20 billion for the very first time.  

The financial and insurance activities sector was the biggest success story, improving its revenues by an incredible 86.8% during last year to generate just over €4.5 billion. 

The scientific and technical activities sector, which includes administrative and support services, also noted a considerable uptick in revenue of 33%, which came on the back of an increase of 18% in 2022. According to the IMSEE report, the rise was due in large part to the near doubling of revenues achieved by quantity surveyors in the Principality. In total, the sector created €4.3 billion in revenue – adding more than €1.1 billion to its 2022 figures.

See more: Science and technical activities companies are Monaco’s biggest private sector employers

Revenues in the hospitality sector, designated in IMSEE’s report as accommodation and food, increased by close to 15% during 2023 and came within touching distance of the €1 billion mark.

See more: Monaco’s tourism sector in 2023: Hotel prices hit new record

Construction too had something of a boom, growing its revenues by 12% or €2.8 billion in total.  

According to the report, “Almost two thirds of this increase came from the development and selling of dwellings (+€187 million), mainly generated by a single economic agent.” 

However, in the affiliated real estate sector, revenue was down by 16.3% due to the fall in the volume of property transactions that dogged 2023 all year long. 

Overall foreign trade up, but exports down 

Although wholesale trade maintained its dominating status as the major economic sector with the highest turnover in Monaco, its revenues decreased by a full 10% in 2023.  

The overall volume of foreign trade in the Principality last year – €3.7 billion – came close to achieving the €3.8 billion record set in 2019. This equates to a 5.4% year-on-year rise.  

Imports swelled by just over 11% to €2.4 billion, but exports contracted by 4.6% on 2022’s figures, amounting in the end to €1.2 billion.

 

The European Union’s export share dropped by 1.9 points, according to IMSEE’s data, but Italy, Germany and Switzerland – in that order – continue to be Monaco’s principal customers. 

On the other side of the coin, imports from the UK rose sharply by more than 33% in 2023, making it the Principality’s “second largest supplier, ahead of Germany and behind Italy”. 

To read the 2023 Monaco Economy report for yourself, click here.  

Read related:

Real Estate: Why did property sales fall by 20% in Monaco in 2023?

 

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Photo by Monaco Life

France becomes world’s first country to legislate limits on fast fashion

by: Stephanie Horsman
22/03/2024

The days of fast fashion may be coming to a close in France, if a new law passed on 15th March is as effective as hoped at striking blows on cheap mass producers by making their products less appealing to buyers. 

As the French clothing and accessories market, like so many others in Europe and elsewhere around the world, continues to be inundated with inexpensive imported items, the government has decided to take action with the passing of a new law borne from a concept put forwards by a 31-year-old member of the Les Républicains party, Antoine Vermorel-Marques. 

Vermorel-Marques is one of a number of French politicians who have spoken out against fast fashion. In a widely circulated clip posted on Tik Tok in February, he hit out at the damage that fast fashion brands are having on the environment as well as highlighting the potential dangers cheaply produced clothes, shoes and other accessories pose to human health, noting the extensive and unregulated use of chemicals in the production processes employed by brands such as Shein and Temu.  

@antoinevermorel42 🛑 Les vêtements à 2€ qui arrivent en avion, contiennent des substances nocives pour la santé et finissent sur les plages en Afrique, c’est non ! Je dépose à l’Assemblée nationale une proposition de loi pour instaurer un bonus-malus afin de pénaliser les marques et pour encourager les démarches plus vertueuses ♻️ #shein#sheinhaul#ecologie#fastfashion#stopshein#pourtoi#fyp @lookbookaly @menezangel_ @loufitlove @lila_drila @cilia.ghass @tifanywallemacq @veronika_cln @lia__toutcourt @iamm_mae.e@IAMM_MAE.E ♬ son original – antoinevermorel

Another concerning factor of fast fashion is the impact the industry is having on domestic French brands, which are finding themselves priced out of the market.  

TRENDSETTERS 

In mid March, France became the first country in the world to go so far as to pass legislation “to limit the excesses of ultra-fast fashion”, as put by the Minister for the Ecological Transition, Christophe Béchu.  

In the coming weeks and months, a decree listing the measures to be taken will be formalised. For now, it appears that these will include advertising bans on some of the worst offenders as well as an environmental surcharge of €5 per item. This is expected to rise gradually to €10 per item by 2030.  

According to the government, the proceeds from this tax will be used to financially help sustainable French producers, thus giving them a more competitive edge.

 

The government will also monitor the volumes of items produced as well as the rates of turnover from companies to help determine what can be deemed as fast fashion and what action should be taken.  

HORIZONS-LED 

The draft law was formally submitted by Horizons, the centre-right party founded in 2021 by Edouard Philippe, which has publicly condemned the fast fashion industry as a serious polluter. 

The sector is blamed for 10% of the world’s total CO2 emissions and is known to be a major source of water pollution.  

Read related:

The cost of fast fashion: France to consider adding a dissuasive surcharge to cheap imported purchases

 

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Photo source: Sarah Brown, Unsplash

The most expensive streets for real estate on the Côte d’Azur revealed

by: Stephanie Horsman
21/03/2024
real estate in the Côte d'Azur

The most expensive streets for real estate in the Côte d’Azur’s three main cities of Nice, Cannes and Antibes have been revealed in a new report by online agency Meilleurs Agents.  

The French property market may be in crisis in some places, but the Côte d’Azur seems to remain recession-proof for the moment, with stable, if not increasing, prices and an enduring popularity among buyers looking to find the right balance between home and work life.  

See more: Second home market plateauing, but demand for the Côte d’Azur remains high

Although the report from Meilleurs Agents acknowledges that Paris still lays claim to the streets with the highest prices – a flat on Rue de Furstemberg, the most expensive, comes with a price tag of €24,272m², while residential property on the Avenue Montaigne will set you back €23,123m² – the Côte d’Azur has more than its fair share of expensive streets. 

NICE, CANNES AND ANTIBES 

Nice’s urban renewal over the past two decades has seen the appeal of the city shoot up. Always a popular tourist destination, it is now also a sought-after place to live year-round and real estate prices reflect this.

Still, even with the general rise in value, there are three streets that command very high prices even by Niçois standards.

See more: Nice’s Promenade du Paillon celebrates a decade of transformation and green space expansion  

To get a piece of the pie on Avenue Jean Lorrain, a seafront street on Cap de Nice, the average property will set you back €10,300m². Mont Boron’s Avenue Germaine comes a close second, with prices of €10,135m², while properties on the Cap de Nice’s Boulevard Princesse Grâce de Monaco demand €9,990m².  

Cannes’ most expensive street is arguably its most famous. On the sea-facing Boulevard de la Croisette, homes sell for an eye-watering €12,410m², with Rue de Gray hot on its heels at €12,311m². Boulevard Eugène-Gazagnaire on the Cap de la Croisette is third, with prices sitting at €10,878m².  

Heading to Antibes, there are five streets that, remarkably, have the exact same price per square metre. All situated on the Cap d’Antibes peninsular, property prices on the Boulevard John Fitzgerald Kennedy, Boulevard de Baçon, Avenue Tour Gandolphe, Chemin des Mougins and the Traversée Pas du Diable’s are a costly €10,948m².  

See more: Real estate | How much extra does it cost to own a waterfront property?

By comparison, the least expensive of the streets to feature in the report is to be found in Saint-Etienne. Homes on the city’s Rue Gabriel-Calamand cost a mere €2,165m².  

Read related:

Property prices at record levels in almost all Monaco neighbourhoods

 

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Photo source: Anthony Salerno, Unsplash

TrustConsult puts data protection in the spotlight at Monaco event

by: Stephanie Horsman
21/03/2024

The TrustConsult Group, an international and independent corporate trust boutique and global corporate service provider, held an engaging conference in Monaco earlier this month that answered some very real questions on how personal data is being circulated in the wider world, how it is being used and what corporate entities can do to minimise security risks.

The event was held at the Fairmont Hotel on 14th March, where the 180 people attending the conference were treated to a gourmet lunch in the Salles des Glaces before the TrustConsult got into the nuts and bolts of personal data protection.  

The primary goal of the afternoon’s proceedings was to highlight not only the risks associated with the widespread dissemination and use of personal data, but also the opportunities connected to personal data protection.  

Top lawyers and bankers from Paris, Geneva, London and Dubai shared their experiences in the field of data protection and offered solutions to the complex problems they have encountered themselves.

 

“As privacy is permanently threatened in the private and public sector, we felt it was a crucial time to remind clients and financial operators about citizens’ essential freedom guidelines. If we consider the high attendance, the subject is definitively attracting a lot of attention,” Christian Buhlmann, CEO of Monaco’s TrustConsult branch, told Monaco Life. 

The takeaway from the event was that while support is available for those seeking to ensure maximum levels of confidentiality and security, the first steps need to be taken by individuals.  

Monaco’s TrustConsult team, from left to right: Alessandra Vicedomini; CEO Christian Buhlmann; Kateryna Viy; Monaco Life Publisher Eric Brundage; and Patricia Cressot. Photo supplied

“The only and best protector of your privacy is yourself,” summed up Buhlmann. “Indeed, the states and public authorities who supposedly have the obligation to protect their citizens are not only overwhelmed by what is happening, but are also very often focused on collecting more and more data disguised in different ways without realising the impact for the potential leak of information that could be harmful to an individual or a company.” 

 

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Photo supplied

Rugby: AS Monaco Rugby gearing up to challenge Les Angles Gard Rhodanien at the weekend

by: Niki Borisova
21/03/2024
as monaco rugby

AS Monaco Rugby is preparing to take on the fourth-placed Rugby Club Les Angles Gard Rhodanien at the Stade Prince Héréditaire Jacques in Beausoleil over the weekend. 

This coming Sunday will present AS Monaco Rugby with a considerable challenge.

Les Angles currently sit in fourth place in the Fédérale 2 standings, compared to Monaco’s stronger second place, and the game is likely to test the resolve of both sides over two consecutive games.

The first match of the day will begin at 1.30pm, followed by a second game at 3.15pm. Both will take place at the Stade Prince Héréditaire Jacques in Beausoleil.

See more: New AS Monaco Rugby clubhouse takes pride of place at Stade Prince Héréditaire Jacques

In other news, there were mixed results for AS Monaco Rugby’s youth teams during last weekend’s matches.

The M19 team secured a commendable victory on Corsican soil, defeating their opponents 22-15, while the M16 team faced a tougher challenge in their match against Ras Sanary/La Seyne in the Var, coming away with a 31-12 loss.

 

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Photo credit: AS Monaco Rugby, Facebook

Lights out in Monaco for Earth Hour this Saturday

by: Elsa Carpenter
21/03/2024
earth hour

All around the world, millions of people will be switching off their power for a single hour this coming Saturday as part of the Earth Hour movement. Here’s how Monaco will be marking the international event. 

From 8.30pm until 9.30pm on Saturday 23rd March, the lights that illuminate the famous buildings of Monaco’s Place du Casino will be turned off.  

From the Casino de Monte-Carlo to the Hôtel de Paris and the Café de Paris, as well as the Hôtel Hermitage for the first time, all will be plunged into darkness as Monte-Carlo Société des Bains de Mer’s establishments add their names to the list of places backing the Earth Hour 2024. 

This will be the 11th year in a row that the Principality’s flagship square has taken part in the movement, which was launched back in 2007.

Those behind Earth Hour encourage private citizens, governments and companies the world over to “give an hour for Earth” by switching off power sources for a full hour. 

“Earth Hour invites you to switch off and spend 60 minutes doing something – anything – positive for our planet,” reads the official website, which can be found here. “Just 60 minutes? Yes, just one hour. It may not seem like much, but the magic happens when you, and those like you in Asia and Africa, North and South America, Oceania and Europe – supporters in over 190 countries and territories – all give an hour for our one home, creating the Biggest Hour for Earth.” 

Read more:

Interview: Robert Calcagno, CEO Oceanographic Institute – Prince Albert I Foundation

 

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Photo source: Monte-Carlo SBM