Business & Finance
Brought to you by: Monaco Life
IMSEE, Monaco’s statistical office, has reported mixed results for the third quarter of 2016. While overall revenues, excluding financial and insurance activities, declined over the period, the real estate sector performed well, not only in showing a continuing increase in the number of transactions, but also a growth in average prices as more transactions involved larger properties.
Wholesale trade, the largest sector in terms of turnover, fell by more than six percent in the third quarter (-€217 million), while tourism – measured in overnight stays – suffered from the Nice atrocity that took the lives of 86 people in July. Even there, there was a bright spot, with average spending per person recording an increase.
Employment increased for the second consecutive quarter (+ 0.5 percent).
Remote working for cross-border employees was the hot topic of discussion between the Monaco government and Italy’s new Ambassador in Monaco Giulio Alaimo this week.
The National Council has passed a long-awaited bill allowing the SBM to chase bad debts incurred at its casinos – a move which could already put millions back into its coffers.
The Principality has received four new ambassadors this week from Japan, Spain, Czech Republic and India.
Four weeks after France entered its second lockdown, the country will begin its gradual release, with stores reopening just in time for the busy Christmas period.