Monaco’s economy has almost doubled in size over the past decade, with GDP soaring from €4.94 billion in 2013 to €9.24 billion in 2023, according to the latest IMSEE data. This rapid growth, in stark contrast to slower recoveries across Europe, positions the Principality as an economic powerhouse driven by high-value industries.
Key sectors such as scientific and technical activities, finance, and real estate have been instrumental in fuelling this expansion. In 2013, Scientific and Technical Activities and Financial Services collectively contributed around a third of Monaco’s GDP, with each sector accounting for roughly 16.7%. These two industries were cornerstones of Monaco’s economy, setting the stage for the broader, diversified growth that followed.
By 2023, the combined economic contributions of Scientific and Technical Activities, Finance, and Wholesale Trade surpassed 50% of the Principality’s GDP, reflecting Monaco’s continued investment in high-growth areas. This strategic focus on specialised, high-impact sectors has allowed the Principality to create resilience even amid global economic uncertainties.
Real estate has also been a major contributor to Monaco’s economy. Back in 2013, the Real Estate sector saw significant gains, posting a 21.3% growth rate attributed to high-value transactions and favourable market conditions. The past decade has seen a steady flow of high-end real estate investments and infrastructure developments, supporting further economic growth. In 2023, Construction showed consistent expansion, growing by 7%, as new projects moved forward.
Monaco’s workforce remains a crucial asset as well. The proportion of GDP derived from employee compensation has stayed high, indicating the Principality’s focus on sustaining and attracting talent. From 2013 to 2023, compensation and social charges grew by around 10%, underlining Monaco’s role as a sought-after employment market.
The decade-long increase in GDP per capita – from €64,082 in 2013 to nearly €100,000 in 2023 – also points to the economic resilience and prosperity fuelling Monaco’s growth strategy.
With high-value sectors driving this economic trajectory, Monaco has carved out its position not just as a luxury destination but as a compelling model for high-growth economies.
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Photo credit: Cassandra Tanti, Monaco Life