Well-balanced books: Budget surplus widens in Monaco


For the third consecutive year, state revenues outstripped spending in Monaco in 2023, bringing the budget surplus to almost €130 million. 

A new report by Monaco Statistics, also known as IMSEE, on Public Finances in Monaco in 2023 has identified a budget surplus of close to €130 million, with growth in state revenues significantly outpacing expenditures.  

2023 was the third year of a consecutive budgetary surplus after the budget deficit of more than €100 million in 2020, a year heavily affected by the Covid pandemic. 

In 2022, the surplus sat at an already comfortable €32.2 million, but the data from 2023 shows a vast 292% jump to a budgetary surplus of €126.3 million.  

State revenues neared €2.2 billion last year – an increase of 6% equivalent to €124.5 million on 2022’s figures. 

According to IMSEE, the rise can be attributed to the “€232.8 million growth in tax revenues, including commercial transactions”. 

Figures from Monaco’s Department of the Budget and the Treasury indicate that commercial transactions provided more than 50% of state revenues in 2023, up more than 15% on the previous year. Despite falling by almost 25% from 2022 to 2023, real estate – understood as all income from state-owned rental properties and public car parks – contributed just over 15%. Commercial profits, such as corporate income tax, and legal transactions accounted for 10.6% each.  

More than 40% of spending attributed to public works  

Expenditures also cleared the €2 billion mark, for the second year running, though the increase in spending was more moderate than the growth of state revenues.  

From 2022 to 2023, spending increased by just 1.5%, or €30.3 million.  

“This is mainly due to the €88.5 rise in public intervention expenditures,” reads the IMSEE report. “Operating expenses also increased, by €54.8 million.” 

Sovereign expenditure, spending related to the Palais Princier de Monaco and the Sovereign House, rose by a nominal 1.1% to €50.6 million.  

Capital investment spending and expenditure on public services, such as street cleaning, waste collection, public lighting and public transport, fell by 11.5% and 5.4% respectively.

Equipment and investment, a category covering spending on “major works, equipment and acquiring building [as well as] road, cultural, port, urban development, public health, social, administrative and sports projects”, accounted for more than 40% of expenditure. 

Read related:

Overall foreign trade grows to €3.7 billion, but trade deficit widens as exports fall


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