More modest than the massive 21.9% growth of 2021, which allowed Monaco to “erase the effects of the health crisis and surpass its pre-pandemic level of wealth creation by 6%”, the 11.1% rise in GDP recorded in 2022 is still very satisfactory.  

According to a newly released report by IMSEE, Monaco’s statistical agency, GDP reached €8.34 billion in 2022, which represented a real increase of more than €740 million on the standout figures recorded over a year before.  

“Like the other economic indicators for 2022, it continues to grow at a sustained rate following the strong rebound observed in 2021 after the health crisis,” reads the report. “In 2021, the economic recovery resulted in real growth of 21.9%, which made it possible to erase the effects of the health crisis and surpass its pre-pandemic level of wealth creation by 6%. In 2022, Monaco was not spared by the global economic situation, and in particular by the consequences of inflation. That said, although GDP growth was more modest than the previous year, the Principality nevertheless managed to maintain a double-digit growth rate.” 

Since 2013, GDP has risen by almost 50% in Monaco. The average compound annual growth rate sits at 4.6%, although that climbs to 5.6% if only the years between 2019 and 2022 are considered.  

In 2022, 10 of the 12 main economic sectors observed in the Monegasque economy increased their GDP on the 2021 figures. 11 sit above their pre-pandemic levels, with uniquely the public administration, education, human health and social work activities sector lagging. It nevertheless represents 5.7% of Monaco’s total GDP. 

Almost half of total GDP created by three of a dozen sectors 

“The three main business sectors in terms of GDP remain unchanged,” explains the report, which is fully available to the public. “Almost half of the wealth created in the Principality in 2022 (49.1%) comes from: scientific and technical activities, administrative and support service activities; financial and insurance activities; and wholesale trade.” 

The scientific and technical activities, administrative and support service activities sector alone accounted for “more than a fifth of the value of overall GPD” at €1.74 billion.  

“The second biggest contributor is the financial and insurance activities business sector, whose nominal GDP reaches almost €1.5 billion this year after a significant acceleration in its growth (+26.0% in 2022 compared with +6.8% in 2021),” reads the report.  

The wholesale trade sector was particularly buoyed by the sale of fuels, ores, metals, and industrial chemicals.  

After a contraction in 2021, the health of the construction sector improved drastically last year to report a 11.9% increase in its share of GDP on 2021 figures, equating to €744.7 million.  

GDP per capita in 2022 saw a real growth of 8.2%, bringing it to almost €91,500. Per employee, GDP topped out just shy of €138,000, representing a 6.8% rise. Both statistics demonstrate the strong economic productivity of the Principality and its workforce.  

Click here for the full IMSEE report in English.

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Photo source: Philip Myrtorp, Unsplash