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Monaco growth stays ahead of the pack

Monaco growth stays ahead of the pack

By Staff Writer - November 12, 2017

Photo: OTA Photos
Photo: OTA Photos

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.


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