Monaco’s manufacturing and industrial sectors are recovering well from the pandemic years. According to a new report by IMSEE, revenues approached close to €1 billion in 2023, a year also marked by an increase in employment.
Collective revenues in Monaco’s manufacturing and industrial sectors reached €972 million in 2023, a 6% rise from 2022. This good news is tempered, however, by the fact that revenues are still down 5.6% on the figures recorded a decade ago.
See more: Revenues exceed €20 billion for the first time in Monaco
There were 180 active companies in the combined sectors in 2023. On average, these companies have been in business for 27 years, although five closed their doors in 2023.
The vast majority of these active companies – 87% – represent the manufacturing industry. This group includes specialists in machinery and equipment repair and installation, rubber and plastic product makers, chemical producers and clothing creators. Together, they achieved revenues of €734 million.
A further 8% of the companies represent waste management and water supply firms, while the remaining 5% is made up of agricultural, forestry, fishing, mining and quarrying, and electric, gas and steam companies.
See more: Overall foreign trade grows to €3.7 billion, but trade deficit widens as exports fall
In 2023, the sectors employed 2,683 people, an increase of 83 jobs from the previous year. Overall, these companies employ 1.7% of the total workforce in the Principality.
Manufacturing was the dominant employer, with 1,895 employees. In contrast, employment in pharmaceutical preparation dropped by 77%, with a loss of 86 jobs.
The sector is notably male-heavy, with 1,728 men versus 955 women. That being said, both genders saw an increase in the number of workers last year. The number of female employees rose by 3.5%, and by 3% for men.
The average age of workers in this sector is 44.6 years, slightly older than the national private sector average of 42.4 years. Nearly 60% of employees are aged between 35 and 54. The workforce is predominantly French, with over 80% coming from the Alpes-Maritimes. Italians account for 12% of the workforce, while Monegasques make up 6.5%.
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Photo source: Jakub Żerdzicki, Unsplash