monaco Archives - Page 125 of 174

GDP per employee was €106,719 in 2020

10/11/2021

Monaco’s GDP fell by a significant 11.8% last year as Covid took its grip on the Principality, according to a new report by statistics group IMSEE.

Monaco’s gross domestic product (GDP) saw a backslide in 2020 after two years of strong growth in 2018 and 2019. GDP rose by +6% and +6.9% in each of those years respectively. But in 2020, the GDP came to €5.97 billion, compared to €6.6 billion in 2019. This amounts to a -11.8% drop adjusted for inflation.

According to the latest report by IMSEE, since the year 2011, this is only the second time the total number of employees, both public and private, has fallen. The regression amounted to -3.4% in 2020, whilst the other time was a tiny -0.5% back in 2015.

The wage bill fell by 5.5% last year as well. However, over the decade, employee compensation increased by an average of +2.7% per year. This represents nearly half, 44.3% to be exact, of the wealth created in the Principality, excluding subsidies.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a dramatic drop by -7.0%. In spite of this fall, its annual growth rate is +4.9% over the decade as a whole. EDITDA represents 41.7% of GDP excluding subsidies.

Taxes increased quite sharply by +8%. They contribute 14.0% to the wealth produced in Monaco. It is mainly higher VAT, notably real estate VAT, that explains this increase.

GDP per employee was down -8.7% in volume to €106,719.

Subsidies stemming from the government’s support policies have had a +100.4% leap, doubling over the previous year.

The per capita GDP in the Principality is a substantial €69,380. Although this is a -10.4% fall in volume, it is far above the mean personal per capita in Europe which is €37,468. Only Luxembourg, Ireland and Norway have higher.

Three sectors are responsible for 50.1% of Monaco’s wealth. They are scientific and technical activities, administrative and support services which make up 20.3%; financial and insurance activities making up 18.3%; and construction, coming in at 11.4%, which stays on the podium since real estate activities were weaker than normal.

Photo by Rishi Jhajharia on Unsplash

Welcome home Princess!

by: Cassandra Tanti

08/11/2021

Princess Charlene has finally been reunited in Monaco with her husband Prince Albert and children Prince Jacques and Princess Gabriella, after being held-up in South Africa due to medical issues.
The 43-year-old Princess of Monaco touched down at Nice airport in a Palace jet on Monday morning after a 10-hour flight from South Africa. But she wasn’t alone. By her side was a new member of the Princely family – a Rhodesian Ridgeback called Khan.

Pictures taken by local media Monaco Matin show an exuberant set of twins and a very happy husband embracing the Princess in the Palace Square. Khan also appears to get quite a welcome.
Princess Charlene has been in her native South Africa since March this year after contracting a serious sinus infection which made her unable to travel. While her imminent return was recently revealed by Prince Albert, the arrival of Princess Charlene on Monday morning was an unexpected surprise for Monaco.
Before leaving South Africa, the Princess said: “It has obviously been a very challenging time to be here, but at the same time it has been wonderful being in South Africa. I would like to thank the doctors in South Africa who have done a tremendous job in helping me and I am so looking forward to getting back to my children.”
See the video here: https://fb.watch/99gLXlJo6x/
The Princess is now expected to accompany her husband to Dubai on 13^th November to visit the Monaco 360° Pavilion at the World Expo, before returning to the Principality for National Day celebrations on 19^th November, a day which will undoubtedly hold special significance as the Principality celebrates the return of their princess.

Photo by Eric Mathon, Prince’s Palace

Roca team’s winning streak brought to an emphatic end

by: Luke Entwistle

08/11/2021

After an impressive week which saw Monaco basket register four victories in seven days, La Roca team experienced a sobering weekend, falling to defeat in both their Euroleague and domestic league matches.
The Roca team started strongly in the first quarter against Olympiacos in Greece. Two three-pointers from Alpha Diallo took Monaco basket into an early lead, which was then extended thanks to a three-pointer from Andjusic, and an impressive three-pointer from nine metres from American Mike James.
ASM finished the first quarter with a sizable 27-17 lead, which looked difficult to overturn for Olympiacos, but overturn it they did. In the second-quarter, Mitrovic’s side started to lose control, with Sloukas and Walkup inflicting most of the damage.
By half-time ASM had all but squandered their 10-point lead and went in with a lead of only three points. If the first-half was a tight affair, then the second-half was anything but. Olympiacos blitzed the Roca team and took both the third and fourth quarters in emphatic style (24-14 and 27-13). Livio and Dorsey were imperious for Olympiacos, both of them finishing with 18 points, and ultimately condemning ASM basket to an 86-65 defeat.
Mitrovic made his displeasure known post-match with a scathing assessment of the heavy defeat, saying: “Unfortunately we missed everything. Especially our leaders, our best players did nothing tonight, and we’ve lost the match.”
Mitrovic’s words didn’t have the desired, galvanising effect, as his side followed up their Euroleague defeat with another defeat to Bourg-en-Bresse in the Betclic league just two days later.
This time outclassed from start to finish, Bourg-en-Bresse took a comprehensive 88-63 victory against a weary-looking Monaco side. Courby and Chassang proved to be a formidable partnership, and they quickly took the game away from the Roca team in the first quarter, as Bourg-en-Bresse raced into a 29-14 lead by the end of the first quarter.
Bourg-en-Bresse, channelling the intensity of the crowd with a highly energetic performance, continued to dominate and went on to win in each quarter, albeit by less emphatic margins than in the first.
Despite a mounting injury list and a tightly-packed Monaco schedule, winger Yakuba Outtara was quick to dispel any question of fatigue post-match. “We didn’t manage to raise our level… Fatigue? It isn’t an excuse, there are 16 high-level players at Monaco.”
AS Monaco basketall will be hoping to get their season back on track when they travel to face Gravelines-Dunkerque on Tuesday.

Photo source: AS Monaco Basketball

Profile: Personal stylist StyleMeBella

by: Cassandra Tanti

06/11/2021

One of Monaco’s most stylish personalities Isabella Marino gives us her hot tips on this year’s fashion trends and advice on how to achieve the perfect look.
Monaco Life: Can you tell us about your fashion qualifications?
Isabella: I have a fashion degree from the Instituto Marangoni in Milan, one of the major fashion schools in the world, and my aim was to become a fashion buyer. As it happened, Cartier offered me work in retail, and now I am working within the real estate retail market, finding stores for luxury brands.
For the past three or four years, I have been advising friends and family on fashion, style and beauty, and I have been building my profile on Instagram, Stylemebella. I offer a full service – from personal shopping and styling, to where to get your hair done.
When you are styling someone, what aspects do you focus on?
Firstly, I need to get to know the person, because it’s all about personality. Then I want to understand what they feel comfortable in, what part/s of their body they are self-conscious about.
Then I take into consideration what their budget is, because not everyone wants to spend a lot of money.
So, I consider the total look – hair, make-up, skin care, clothes, body shape… If they have beautiful legs, for example, I would go for a short dress. But it is always about balance, so if you’re wearing a short dress, you never show cleavage, and be sure to cover your arms. I always try to style in the classic look.
I am also all about the feel of things – the touch, the material… it doesn’t have to be expensive, what’s most important is the cut.
For my body shape, for example, I always buy Alexander McQueen and Saint Laurent because I like to emphasise my waist, legs and shoulders.
What are your favourite pieces to keep in the wardrobe?
I love the so-called “passe-partout” outfits. When travelling, we don’t always know if we are going somewhere elegant, or out to dinner straight after a walk in town, so I love outfits that are suitable for day and evening. Two-piece combinations are the best as you can mix and match them depending on the occasion.
Personally, I love jackets and blazers, because they are elegant for any age and you can wear them in spring, autumn and winter. They can be professional, rocky or sophisticated depending on what you match them with. Blazers are very important pieces, something that you should always invest more money in. Quality and fit are essential.
https://www.instagram.com/p/B9eopfHFVCu/?utm_medium=copy_link
What makes you different from other stylists?
I always respect my client’s budget, trying to find the best value for money, opting for high-end classics or iconic pieces that are timeless and that you can mix and match. I can comfortably make the decision that, although a piece is beautiful, it is not worth the money. You don’t have to spend huge amounts of money, it’s all about buying the right pieces.
I love accessories. It’s so fun to play with hats, belts, chains, gloves, sunglasses and jewellery. They can transform a boring, simple outfit into a fashionable look.
Coming from the jewellery business, I also help my clients find specific jewellery and watches.
I also buy a lot online, and sometimes there are pieces that you can only find online. I actually spend a lot of time searching for pieces this way and it also helps me to compare prices and what’s on the market.
What are your “no-no” pieces?
Tight and low-rise pants – low-rise pants should be either flared or wide straight leg, but never tight and low rise; most ballerinas, with some exceptions; very high platform heels on very tall women with short skirts; and short dresses with decolleté (low plunging neck line).
What are you looking for in a brand?
I love to look at emerging brands for younger clients. Obviously, when you are an emerging brand, you can’t produce the same quantity so it becomes more expensive, but the key is to find the right brands, fun emerging brands, that are actually more accessible for the trendy woman.
My favourite established brands are Chanel, Alexander McQueen and Saint Laurent.
What are your favourite cities to shop in?
I travel a lot and, personally, I love London because it has a very good selection of different brands, it’s more fun. They have everything from European luxury designers to more accessible emerging brands.
Paris is good for vintage. I love to mix vintage pieces – jewellery, gold chains and belts, specifically Chanel, Christian Dior, and Dior vintage jewellery. The weight and material of all the accessories today is completely different so I love to go to Paris in Saint Germain and the 8th arrondissement.
I like big statement pieces, you can mix it up with anything – jeans, white t shirt and a nice vintage belt or Chanel chain, and the look is done.
My favourite place to shop in Monaco is Le Dressing.
https://www.instagram.com/p/CVy44STIrC8/?utm_source=ig_web_copy_link
What did you think of Paris Fashion Week recently?
This year’s Paris Fashion Week was exceptional. It was like the rebirth of Paris after the Gilets Jaunes (yellow vests) protests and the Covid pandemic. The mood was exploding. There were a lot of people in the fashion industry from all over the world, and a lot of positivity. I must say I was impressed by Yves Saint Laurent, they did a very good show this year – maybe because I am a big lover of the 80s.
I also loved Alexander McQueen’s show. Elements were depicted throughout the collection, from dreamlike cloud prints to clothes inspired by the unpredictability of storm chasing, and variations on the glittering night sky.
But I have to say this was the best Paris Fashion Week for a long time. I think the fashion industry, the luxury industry in general, is exploding now after Covid, and seeing Paris come back to life, doing what it does best – fashion – is amazing.
What would you say is trending this year in autumn/winter fashion?
The mood is optimistic. Ladies, the future’s looking bright. Trending pieces – cropped jackets and tops; opulence – glimmering but covered up; bright colours; tailored, oversized blazers; luxury knitwear – comfortable, cosy, oversized; and puffer coats and jackets.
I actually love the Chanel collection that is out right now for autumn/winter. Is very colourful with high waisted pants, crop tops, chain belts and shoulder pads… nothing minimalistic.
Fashion always reflects what is happening in the world, and I think that everyone is trying to be positive heading into winter, even the fashion industry.

“We know we’re capable of doing better”

by: Luke Entwistle

05/11/2021

Despite a flurry of second-half chances, AS Monaco were held to a goalless draw by PSV Eindhoven at the Stade Louis II. However, results elsewhere kept Kovac’s men top of their Europa League group.
ASM started sloppily and slowly, unable to build any attacking momentum, and despite the threat posed by PSV’s Vertessen in particular, whose bursting runs drew fouls in dangerous areas, ASM were nonetheless defensively solid.
Monaco, usually quick and dynamic on the break, failed to execute their counter-attacks against an attacking PSV, often breaking down through sloppy passing, miscommunications, or a general lack of desire to commit to the attack, preferring instead to retain possession.
The lack of energy on the pitch translated to the stands. As the half-time whistle blew, the ASM players trudged back to the dressing rooms amidst silence, neither applause nor boos from the stands, just a general apathy towards the performance.
Clearly similarly discontent with his side’s first-half performance, Kovac wrung the changes at half-time; on came Golovin, Diop and Sidibe to provide extra attacking impetus. As well as making a triple change, Kovac also gave an insight into his half-time team-talk. “Sometimes one must wake the players up. Today I was maybe a bit louder than usual.”
https://www.instagram.com/p/CV3kBrQM3hi/?utm_source=ig_web_copy_link
Kovac’s words and actions had the desired effect. ASM came out a lot more lively in the second-half, and looked the more dangerous side. Golovin, still building up his fitness following injury, added extra flair and creativity, whilst ASM were also grateful for Diop’s direct running.
Almost immediately after the break, Boadu had a gilt-edged opportunity to open the scoring, having found himself one-on-one with the keeper, but his attempt to round the PSV keeper was foiled. Boadu was played in once more just moments later, but poor control meant the chance went begging.
The best chance of the night fell to Tchouaméni, whose header was spectacularly cleared off the line by PSV defender Ramalho. The score therefore remained 0-0, and that is how it finished. Real Sociedad’s draw at home against Sturm Graz ensured that Kovac’s men remained top of their Europa group with two games remaining.
During the post-match press conference, Nico Kovac, when questioned by Monaco Life about Golovin’s fitness and impact from the bench said, “We must increase his workload. He needs game-time, and little by little he will re-find his rhythm, and we will see the ‘Golo’ of last season.”
Kovac also said that he was encouraged by his side’s second-half display. “My team wanted to win, but my feeling is that we were sometimes a bit restless, not too confident. In the second-half it was much better, we tried a lot more.” Although happy with the draw, Kovac also called for improvements. “I am happy with the point, but we know we’re capable of doing better.”
Kovac’s men have the opportunity to get back to winning ways with a trip to Reims on Sunday.

Photo source: AS Monaco

Supporting a circular economy this Christmas

by: Stephanie Horsman

04/11/2021

Carlo, the payment app that rewards buyers for local purchases, will be again offering gift vouchers to employers who wish to give their workers an end of year treat this holiday season.

Launched in 2019, local app Carlo has been a huge success story. The app, which allows people to purchase goods from 317 local businesses with their smartphone while giving them 5% cash back on their purchases, has provided Covid-wrecked businesses a boost whilst giving savvy consumers a chance to save and spend on things they would be buying anyway.

Last year, Carlo went the extra mile, offering local companies and employers the possibility to give gift vouchers to their employees for a holiday bonus or as a special indulgence. The government was amongst the first to jump on this and in the end gave out roughly 10,000 vouchers to civil servants, state and municipal workers, non-medical staff at Princess Grace hospital and retired civil service workers. A selection of local vendors soon followed suit.

The programme was so popular that Carlo has brought gift vouchers back for the 2021 holiday season.

The app, which boasts 21,000 users, has processed almost €13 million in transactions since inception. These purchases have generated €900,000 in customer rewards and are hugely beneficial to the local economy as the cash back rewards are spent in other local businesses, which generates more consumer awards, creating a circular system good for both purchaser and seller.

Since the launch, over €2 million in VAT has been earned by these transactions making it good for the government as well.

Outside the gift voucher programme, the app has taken on a life of its own with consumers using the app independently. In September 2021 alone, there were 450 daily transactions using Carlo, representing 70% of all active users.

Personal data collected at registration is stored in accordance with the law using the latest technology and transactions are made through Lemonway, an ACPR-Banque of France approved institution. The QR code system means that purchases are practical, fast and safe.

Carlo has been refining its functionalities since its introduction and now boasts features such as bill sharing, digital marketing, improved interfacing and partner showcasing.