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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Only two hotels remain open
SBM has closed all of its hotels in Monaco except the Hôtel de Paris and the Monte-Carlo Bay Hotel & Resort, accommodating long-term guests and those who are unable to return home.
Cash bonus for those on the front line
Monaco’s Minister of State Serge Telle has revealed that a €1,000 bonus will be paid to all public service officials and agents who have been fully mobilised during the coronavirus crisis.
Digital applications for CTTR
Companies in the Principality who wish to apply for Reinforced Total Temporary Unemployment (CTTR) for their employees can now carry out the procedures online.
Monaco boosts recovery package
The Prince’s Government has presented additional economic support measures to the National Council for approval, saying it is listening to Monaco's business people.
Monaco shuts down 13 construction sites
The government will be closing down all of its construction projects and road works by the weekend, however preparation works for the Monaco Grand Prix will continue.
Only workers to justify movement in Monaco
Monaco is not applying the same strict movement controls as France, however workers are now required to carry with them ‘professional justification’ forms.
