Monaco’s private sector saw a 2.9% rise last year in workers holding full time contracts over the year before.
According to the latest figures by statistics group IMSEE, the Principality had 1,490 more employees in private sector jobs in 2019 than the previous year. The majority of these hold French nationality with a 60/40 split men to women and an average age of 42 years. The total number of private sector salaried employees in Monaco was 53,091 as of 31st December 2019.
Interestingly, nearly 90% of those employed by privately held companies do not reside in the Principality. Just over 79% are French and unsurprisingly live predominantly in the Alpes-Maritimes, whilst 8.6% of those crossing the border daily to commute to work are Italian. The remaining 12.2% are Monaco residents.
At the end of 2019, more than 86% of the private sector salaried population worked in the tertiary sector, both merchant and non-merchant, corresponding to 46,000 people. Primary sector employees made up only 0.3% and the remaining 13.5% were in the secondary.
The sector in general with the largest number of employees was the scientific, technical and administrative services and support representing 23% of the total. This was the first time this sector was in the top spot. Hotels and restaurants fell to 15.4%, followed by 11.5% in the “other” services sector, 9.8% in construction, and 7.9% in health services. Several others such as real estate, importers, financial, transportation, manufacturing and communications made up the remainder.
Most businesses, just over three-quarters, had less than five full time employees working for them, and women were much more present in these smaller ventures than in the larger ones, despite making up less of the global salaried population.
[caption id="attachment_15818" align="alignnone" width="709"] L-R: Ivan Orlic, Ambassador of Bosnia and Herzegovina to Monaco; Donatella Campioni, Honorary Consul of Bosnia and Herzegovina in Monaco; Michel Dotta, President of the Monaco Economic Board; Gordan Milinic, Director of the Agency for the Promotion of Foreign Investment in Bosnia and Herzegovina.[/caption]
More than 50 economic players in the Principality participated on Wednesday, April 26, at the Ambassador's Lunch of the Monaco Economic Board (MEB), devoted to Bosnia and Herzegovina. The country’s Ambassador, HE Ivan Orlic, said that his country is not only a crossroads of cultures that has shaped Europe, but also a place of opportunity for investors.
In 2016, Bosnia and Herzegovina filed an official application for membership of the European Union. Its currency – the convertible mark – is pegged to the euro.
After a one-off slowdown in 2014, the country is again enjoying growth of more than three percent and optimism is high for the next few years. The World Bank's annual “Doing Business 2016” ranking confirms this, as Bosnia and Herzegovina has moved from position 131 to 81 in three years.
At the lunch, Ambassador Orlic also highlighted the main sectors that could provide opportunities for investors: agriculture, with a very promising niche market in medicinal herbs; tourism, rich in the variety of cultures and landscapes; the development of infrastructure that benefits from heavy foreign financing, and the banking sector, which is undergoing consolidation in which many European banks have already invested heavily.
Gordan Milinic, Director of the Agency for the Promotion of Foreign Investment in Bosnia and Herzegovina, described the strengths of his country. With an average monthly salary of €400, the cost of labour, linked with attractive regulations for companies and very modest inflation, are convincing arguments for investors. The signing of free trade agreements with the EU and many other countries has facilitated the development of trade relations.
MEB President Michel Dotta stressed that trade between Monaco and Bosnia and Herzegovina should be developed. This conference could well be an important step in the economic rapprochement of the two countries, he said.