The first nine months of 2023 have seen sustained economic growth, bank held assets on the rise and job creation on the up. Here are the key takeaways of IMSEE’s Q3 report.
Monaco’s dedicated statistical agency, IMSEE, has just released its third quarterly report for 2023, which compares aggregate data compiled since 1st January to the same time period for 2022.
By and large, the report’s findings are favourable, with “most of the Principality’s economic indicators still up in the third quarter”.
ECONOMY
As of 30th September, Monaco’s revenue exceeded €15 billion, demonstrating a “sustained growth” of 9.1%, equal to €1.3 billion, compared to 2022, in which revenue grew by a colossal 22.5%.
The strongest sector was scientific and technical activities, which gained 43.3% on the previous year to hit close to €3.4 billion. This sector also accounts for 80% of overall economic growth in the first nine months of 2023. According to IMSEE, this exponential growth is “mainly due to the activities of quantity surveyors”, who more than doubled their returns on comparative 2022 figures.
Also high on the performance list was the financial and insurance activities sector, which saw an enormous 88.3% rise from 2022 to just over €3 billion, and the construction sector, which surpassed the €2 billion mark and gained 20.5% on 2022. Retail was also strong, making in excess of €1.7 billion.
FOREIGN TRADE STAGNATES
Regarding foreign trade, excluding business with France, the IMSEE report acknowledges that “despite a favourable situation in the first half of 2023, the overall volume of trade stagnated at the end of September, and its value (€2.6 billion), was only slightly higher than that recorded for the same period in 2022”.
Foreign trade increased by just 0.5% on January to September 2022 figures.
ASSET MANAGEMENT
Total assets under management in Monaco rose by 5.9% year-on-year, according to the data, “despite a slight 1.4% fall in deposits”. Loans granted by Monaco-based banks declined by 7%.
As confirmed by IMSEE, Monaco has attracted two new asset management companies so far in 2023, but has also said goodbye to two banks.
EMPLOYMENT
The number of private sector jobs rose by 4.5% to nearly 63,000 by the end of the third quarter: 2,700 more than in 2022. The information and communication sector led the charge here, adding 15.8% more jobs than the previous year. The motion picture, television and video activities workforce doubled its numbers, thanks in large part to the creation of the new TV station in Monaco.
The construction sector also saw a considerable rise in its number of workers, up more than 8% to 6,600 employees. It now represents just over 10% of the private sector workforce in Monaco.
Employees worked a lot more in 2023 too, chalking up more than 77 million hours worked, 4.3 million more than during the same time period in 2022.
There were a net 260 new businesses created in the first nine months of 2023, with 648 created and 388 closures. 30 new employers also joined the books, bringing the total to 6,396.
To read the report for yourself, click here.
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Photo source: Braden Egli, Unsplash