2023 was a year of strong growth for the Monaco economy, with revenues exceeding €20 billion for the first time in history.
According to the most recent economic report for 2023, which was released by Monaco’s statistical agency IMSEE on 15th March, revenues in the Principality rose by more than €1 billion in 2023, when compared to 2022, taking the total over the threshold of €20 billion for the very first time.
The financial and insurance activities sector was the biggest success story, improving its revenues by an incredible 86.8% during last year to generate just over €4.5 billion.
The scientific and technical activities sector, which includes administrative and support services, also noted a considerable uptick in revenue of 33%, which came on the back of an increase of 18% in 2022. According to the IMSEE report, the rise was due in large part to the near doubling of revenues achieved by quantity surveyors in the Principality. In total, the sector created €4.3 billion in revenue – adding more than €1.1 billion to its 2022 figures.
See more: Science and technical activities companies are Monaco’s biggest private sector employers
Revenues in the hospitality sector, designated in IMSEE’s report as accommodation and food, increased by close to 15% during 2023 and came within touching distance of the €1 billion mark.
See more: Monaco’s tourism sector in 2023: Hotel prices hit new record
Construction too had something of a boom, growing its revenues by 12% or €2.8 billion in total.
According to the report, “Almost two thirds of this increase came from the development and selling of dwellings (+€187 million), mainly generated by a single economic agent.”
However, in the affiliated real estate sector, revenue was down by 16.3% due to the fall in the volume of property transactions that dogged 2023 all year long.
Overall foreign trade up, but exports down
Although wholesale trade maintained its dominating status as the major economic sector with the highest turnover in Monaco, its revenues decreased by a full 10% in 2023.
The overall volume of foreign trade in the Principality last year – €3.7 billion – came close to achieving the €3.8 billion record set in 2019. This equates to a 5.4% year-on-year rise.
Imports swelled by just over 11% to €2.4 billion, but exports contracted by 4.6% on 2022’s figures, amounting in the end to €1.2 billion.
The European Union’s export share dropped by 1.9 points, according to IMSEE’s data, but Italy, Germany and Switzerland – in that order – continue to be Monaco’s principal customers.
On the other side of the coin, imports from the UK rose sharply by more than 33% in 2023, making it the Principality’s “second largest supplier, ahead of Germany and behind Italy”.
To read the 2023 Monaco Economy report for yourself, click here.
Read related:
Real Estate: Why did property sales fall by 20% in Monaco in 2023?
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