Business & Finance
Monaco’s GDP doubles in a decade: which industries are fuelling the Principality’s growth?
Monaco’s economy has almost doubled in size over the past decade, with GDP soaring from €4.94 billion in 2013 to €9.24 billion in 2023, according to the latest IMSEE data. This rapid growth, in stark contrast to slower recoveries across Europe, positions the Principality as an economic powerhouse driven by high-value industries.
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Retail sector sees deepest drop on record
Monaco’s business climate “collapsed” in the retail, trade and auto repair sectors in the month of March, as shoppers reduced their spending on everything except the essentials.
Protecting HNWIs
According to security expert Matthias Fitzthum, drones and staff pose the biggest risks to HNWIs, family offices and top executives. And the Covid-19 crisis has only made the situation worse.
Special parking rates
Unique hourly rates are being implemented at many of the Principality’s parking garages during the deconfinement period to help make the transition back to normal less expensive for residents.
Luxury goods market set to contract up to 35% in 2020
Faced with a global collapse driven by lockdowns and the shutdown of tourism in all key markets, the luxury industry faces a challenge like never before.
Telework to continue long after pandemic
The National Council has unanimously voted in a bill making telecommuting obligatory in the Principality for those whose jobs permit it.
ECB ups economic stimulus measures
The European Central Bank (ECB) has announced new measures to ease the strain on countries who have seen record economic downturn since the beginning of the health crisis.
