Business & Finance
Brought to you by: Monaco Life
France’s business activity was far above predictions in February, reaching close to a six-year high just two months before presidential elections. Services were particularly strong, according to the latest data. IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, the highest level since May 2011.
The increase beat economists’ expectations and marked the eight consecutive month that the index has been above the 50-point threshold, dividing an expansion from a contraction in activity.
“It’s a big surprise to see growth accelerate this markedly, especially in the run-up to a general election,” IHS Markit chief economist, Chris Williamson, said. “Expectations about the outlook are picking up with very few instances of companies saying they were worried about the election result on the economy.”
Economic growth of 0.6 percent in the first quarter would be the best quarterly rate in a year. The service sector index jumped to 56.7 from 54.1 in January against expectations for a slight dip to 53.8.
The Maltese Communication Authority has approved a €250 million corporate contract between Monaco Telecom and Malta’s leading telecommunications company, Vodaphone Malta.
Monaco is reopening the Larvotto construction site to workers, saying the beach project is “essential for the development of the Principality”.
Monaco’s self-employed entrepreneurs will have access to a minimum monthly income as part of the government’s new economic measures, effective immediately.
The Prince’s government has announced another raft of economic measures to support employees impacted by the Covid-19 crisis.
READ ALSO: What non-residents need to know about the automatic exchange of information from January 2017 READ ALSO: Tax advantage to go, QROPS overhaul READ ALSO: Hotel suite defence challenged in tax case