Private sector employment rebound

A new report by IMSEE, the Monaco government’s official statisticians, shows that the number of active private sector employees rose by over 2,000 in 2021 compared with the previous year, marking a return to pre-pandemic levels.

According to the report, the total number of private sector employees in Monaco in 2021 sat at 53,079. This includes all active employees who worked at least one hour during the year and exceeds the 2020 statistics by 2,072 people, only 10 less than in 2019.

Though the number of employees in the private sector bounced back to pre-pandemic levels, it is not the same in all activity sectors. Accommodation and food service paid the biggest price during the pandemic and were still down compared to 2019 levels, for example. This was offset somewhat by a rally in other service sectors that saw gains, some significant, in 2021.

By the end of last year, Monaco had 6,308 private sector employers, 182 more than the previous year, showing a +3% gain. Employers with less than five staff members remained predominant at about 37.1% of all employers. If those who retain domestic staff are included, that figure rises to 76.1%.

Men account for 60.7% of private sector employees, roughly the same as in 2020, and the average age of these employees is 42.7 years of age. Women are slightly younger, with the average being 42.2 years old. The majority of private sector jobs are held by the 35-to-54-year age group, covering 53.7% of the total jobs.

Commuters constitute the bulk of the workforce in Monaco, with 88.6% of private sector jobs held by people who do not live in the Principality. Workers from France are the lion’s share, at 79.8%, with 55.6% of those coming from the Alpes-Maritimes and 23.5% coming from the villages bordering Monaco. Monegasques make up 11.4% and Italians 8.7%.

Women are still the primary employees in public administration, education, health and social activities, representing 71.6% of the total. They are least visible in construction, where there are only 8.5% women. The numbers are fairly evenly split in retail trade, wholesale trade and financial and insurance activities.



Photo by Monaco Life