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).
The summer tourist season was better than expected thanks to the loyalty of French, Swiss and Italian visitors, according to the latest figures by the Tourism and Congress Department.
Minister of State Pierre Dartout has toured the main construction sites of the Principality, taking stock of the major developments that are currently under way.
It’s been a month of diplomatic accreditations, with several ambassadors officially presenting their credentials in Monaco and internationally.
The crisis brought about by Covid-19 cost the Principality €900 million in profits for the first half of the year, the latest report from IMSEE has revealed.