Monaco’s labour market closed the year on a slight downturn, with total employment reaching 77,866 jobs, according to IMSEE’s latest Employment Observatory. The figure represents a 0.7% decrease over the year, driven primarily by a slowdown in the private sector, while public employment continued to expand.
Despite this short-term adjustment, the broader trajectory remains firmly upward. Over the past decade, employment in the Principality has increased by 27.6%, underlining the continued resilience of Monaco’s economy.
Private sector normalises after construction peak
The private sector remains overwhelmingly dominant, accounting for 64,770 salaried jobs—more than 92% of all employees. However, it recorded a 1.3% decline over the year, largely linked to a slowdown in the construction sector following the completion of major development projects.
This cooling effect was not fully offset by gains in other industries, even as Monaco’s service-based economy continued to show relative strength. The tertiary sector still represents the backbone of employment, particularly administrative and support services, accommodation and food services, and retail activity.
Administrative and support services remain the largest employer within the private sector, followed closely by hospitality, which continues to expand, while construction has seen a clear contraction after several years of intense activity.
Public sector continues steady expansion
In contrast, the public sector maintained its upward trajectory, reaching 5,393 employees, an increase of around 3% over the year.
Growth was particularly visible across government administration, education, and healthcare-related services, reinforcing their role as stable and structural pillars of Monaco’s employment model.
This divergence between private consolidation and public expansion is not unusual in mature, high-employment economies. IMSEE highlights that such patterns often reflect cyclical adjustments in private activity, balanced by steady institutional growth and continued investment in public services.
A structurally balanced labour market
Beyond short-term fluctuations, Monaco’s employment landscape remains highly structured and stable.
The Principality continues to rely heavily on cross-border labour, with the vast majority of private sector employees commuting daily from France. At the same time, the share of public sector employment remains comparatively small but stable within the overall labour mix.
Teleworking has also become a more established feature of the labour market, reflecting broader changes in working patterns across Monaco’s workforce.
Outlook
While the latest figures confirm a period of moderation in private sector activity, the underlying fundamentals remain strong. Employment levels are near historic highs, and long-term growth continues to define Monaco’s labour market.
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Photo by Virginia D’Umas
