Monaco bounces back from pandemic years with strong economic growth

In the post-Covid era, Monaco’s economy is showing positive signs all-round, according to a new quarterly report put out by IMSEE. 

Monaco’s statistical agency IMSEE has posted an overwhelming positive economic report for the last quarter of 2022. Nearly all sectors showed growth on the previous year, and in some cases, have surpassed pre-Covid levels.  


Starting with foreign trade, both imports and exports were up by 18%, driven notably by wholesale trade, reaching €3.5 billion. Whilst slightly lower than the 2019 figure of €2.7 billion, it nonetheless is a strong outcome.  

The slight discrepancy stems from lower overall imports, but this is made up by exports, which surpassed levels from before the pandemic. This imbalance has made the trade deficit widen to €773.7 million, but transactions with the European Union are growing, up to 54.8% over 54.2% in 2021. Nearly two thirds of Monaco’s export trade is with the bloc, with just under half of imports coming from the EU. 

Italy was the Principality’s leading trade partner in 2022, excluding France, consisting of 22.6% of trade, with Germany coming in at 12.3% and the United Kingdom at 10%. The latter two countries have seen significantly increased trade volumes with Monaco in 2022, up 40.9% and 59.2% respectively.  


Revenues for the fourth quarter of 2022 topped €18.8 billion, up by €2.5 billion on the year before, rising 15%. All major economic sectors concerned have surpassed pre-pandemic levels. 

Wholesale trade accounts for much of the increase, up 12.8% at €670 million. This sector includes sales of machinery, industrial equipment, ships and aircraft. Scientific and technical sectors also showed big growth, up by €442 million and travel activities have bounced back as well, seeing revenue more than triple over 2021 to €166.5 million. Accommodation and food services also have normalised, reaching pre-crisis levels and are up €288.4 million on 2021. 


Figured are a bit mixed in the finance sector, with bank assets down by -4.5%, loans granted up by 1.8%, and deposits significantly up by 7.4%. With an inflow of assets approaching €1 billion, it is strong, but down -0.4% due mainly to market and exchange rate effects.  


Monaco had 60,082 private sector jobs on the books at the end of 2022. Salaried employment jumped by 5.4%, meaning 3,083 additional jobs. All sectors saw increases last year, except some service activities, which saw a slight decrease. Administration, education, and health and social work posts remained stable.  


This area is down, with 837 new businesses created versus 877 in 2021, with SARLs, SAMs, sole traders and foreign companies down 20%. Conversely, closures were down nearly 10%, with 429 compared to 476 in 2021.  


Hotel occupancy rates are up on 2021, with an increase of 31.9%, and the average length of stay also rose by 11.7%. Cruise passenger numbers are still down on previously reported figures.  

Helicopter passenger traffic increased by 50.7% equating to 14,890 people, but is still slightly reduced compared to 2019 statistics. Commercial flight passengers are up by 59.7% and show positive movement.  


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