Monaco has crossed a major economic threshold, with first quarter revenues (excluding finance and insurance) exceeding €5 billion for the first time. The increase of more than €560 million—up 12.3% year-on-year—was driven by standout performances in consulting, construction and wholesale trade, according to the latest report from IMSEE.
The largest contributor to the record figure was the scientific and technical services sector, which added €400 million to Monaco’s economy—a 42.9% increase over Q1 2024. This was largely fuelled by two key players: a consulting firm that boosted turnover by €293 million, and a quantity surveyor contributing an additional €250 million. Together, they accounted for nearly three-quarters of the Principality’s overall revenue growth.
building momentum across sectors
The construction sector also saw notable progress, particularly in the development of building projects, which nearly tripled its earnings with a €105 million boost.
Wholesale trade rebounded with €84.3 million in growth, primarily through agents dealing in fuels, metals and industrial chemicals. Real estate, after two stagnant years, rose by 17.1%—driven in part by a €17 million gain from real estate agencies.
luxury sales and lifestyle resilience
Retail trade rose modestly by €12.6 million, overcoming a €17 million dip in car sales thanks to increased turnover in specialist retail, including art. Creative and performance arts also added €9.4 million to the service sector, while hotels and restaurants continued their upward trend, contributing another €7.6 million.
pockets of decline
Despite the strong overall performance, two sectors reported losses: industry dropped by €15.6 million, mainly due to reduced output in rubber and plastics manufacturing, while transportation and storage fell by €6.5 million, impacted by a downturn in maritime freight.
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Main photo credit: Cassandra Tanti, Monaco Life