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.