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IMSEE has reported Monaco’s GDP for 2016 amounted to €5.85 billion against €5.64 billion in 2015, a growth of 3.2 percent.
Although the pace of growth in the Principality has slowed down, it still exceeds that of world GDP (plus 2.4 percent) and the European Union (plus 1.9 percent). Monaco’s economy grew by 4.9 percent in 2015, by 7.2 percent in 2014, and 9.6 percent in 2013. In the aftermath of the global economic crisis, Monaco’s GDP fell by 11.4 percent in 2009.
The three most important economic sectors of the Principality in terms of GDP are Financial and Insurance Activities, Scientific and Technical Activities together with Administrative and Support Services, and Construction. They account for almost half (45.3 percent) of the wealth produced.
Growth in 2016 was entirely due to the performance of two business sectors: Construction and Other Service Activities. Meanwhile, manufacturing continued to shrink, with a fall in its contribution to GDP of 16.2 percent over a 12-month period. Its contribution to total GDP stood at 3.9 percent at the end of 2016.
Employment rose in 2016, in both private and public sectors. There were 491 additional employees (+ 0.9%) in December.
Download IMSEE’s 2016 GDP report here.
Prince Albert has been tested at a Covid-19 screening centre in Monaco to raise awareness about the government’s campaign to have as many people of the Principality tested as possible.
Monaco’s primary students made their return to school on Monday, the final group to do so in the government’s three-phase plan to lift the lockdown.
The Principality ordered some 11.5 million masks at the height of the crisis. Now those masks are being safely stored by the government for a rainy day.
Come the next academic year, the ISM will be offering an exciting new diploma for students wishing to pursue career-related learning.