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).
Monaco’s private sector saw a 2.9% rise last year in workers holding full time contracts over the year before.
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.
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.
Companies in the Principality who wish to apply for Reinforced Total Temporary Unemployment (CTTR) for their employees can now carry out the procedures online.