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Another great year for Monaco’s economy

Another great year for Monaco’s economy

By Staff Writer - February 12, 2017

Mr Jean Castellini, Minister of Finance and Economy
Mr Jean Castellini, Minister of Finance and Economy

It would be difficult to exaggerate the success of 2016 for the Monegasque economy, a record year for the Principality.

Jean Castellini, Minister of Finance and Economy, told the Eco-Club of Monaco-Matin that the Principality is proving its dynamism thanks to the leading economic indicators for last year.

Mr Castellini said that several factors combined to make 2016 so successful: the fiscal scenario, tourism, and company formation. A total of 1,300 applications were filed for company formations, he said.

“For the fifth consecutive year, we should close the fiscal year in surplus. We reached a record level of revenue in 2016 and the main contributors are tax revenues such as VAT, corporation tax and transfer taxes. Each one testifies to our vitality,” he said.

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