Scientific and technical companies have overtaken financial and insurance activities as the leading employer in Monaco, contributing in excess of €1 billion to GDP last year alone.
According to the latest report by statistics body IMSEE, Scientific and Technical Activities, Administrative and Support Services became the Principality’s largest employer and the second largest sector in terms of turnover in 2019. It was also the leading contributor to the country’s GDP in 2018.
This sector groups together specialised, scientific and technical activities which represent less than a third of the sector’s employees but more than half of the turnover, with activities related to administrative services and business support.
Thanks to a sharp 11.8% rise in the sector, Scientific and Technical Activities, Administrative and Support Services has passed Financial and Insurance Activities as the leading employer in Monaco. The growth in this sector is nearly twice that of global Gross Domestic Product of Monaco at large.
In fact, the GDP contribution for Scientific and Technical Activities, Administrative and Support Services passed €1 billion in 2019. This was seen in a +9.8% rise in remuneration of salaried employees, a gross operating surplus of +12.9%, increase in taxes of +15.8% and +2.1% in subsidies.
At the end of the calendar year 2019, there were 2,274 establishments working in the Scientific and Technical Activities, Administrative and Support Services sector, equalling almost a quarter (22.8%) of the organisations in the Principality. The companies fell under two main legal headings, SARLs and individual enterprises, which made up 70% of the sector.
262 new companies were created in 2019 and 162 were shut, making a positive balance of 100 new operations.
The average time these companies have been operational is 9.4 years, the lowest average of all sectors in Monaco, which sits at 12.8 years on the whole.
Nearly two thirds of those employed in this sector are men, making it more male heavy than the Monaco average. French nationals represent over half the employees, coming in at 56.6%.