The Institut Monégasque de la Statistique et des Etudes Economiques (ISMEE) has published their quarterly report of the general statistics and economic health of the Principality of Monaco. Overall it showcases Monaco’s overall economic resilience, diversification efforts, and promising prospects as it moves forward into the second half of 2023.
In the first half of 2023, Monaco’s trade volume witnessed a significant increase of 16.6%, totaling €1.8 billion. This growth was a remarkable recovery following the drop experienced in 2020 due to global economic challenges. While the trade volume rebounded impressively, it remained just shy of the 2019 levels, which stood at €1.9 billion. The increase in trade activity was driven by both exports and imports.
Monaco’s revenue reached an unprecedented milestone in the first half of 2023, surpassing €10 billion for the first time in its history. This achievement was the result of robust economic performance, with revenue increasing by approximately €1 billion (10.7%) compared to the same period in the previous year. Key drivers of this revenue surge included growth in scientific and technical activities, administrative and support services activities, notably construction support activities.
The job market in Monaco experienced notable expansion during the first half of 2023. The private sector recorded over 63,500 salaried jobs, marking a 4.4% increase compared to the previous year. Virtually all sectors saw a rise in employment, with the Information and communication sector leading the way with a 16.5% increase. Other contributors to job growth were scientific and technical activities, administrative and support services activities, and the construction sector.
Monaco’s economic diversification efforts bore fruit in the first half of 2023. New establishments proliferated, with a remarkable 18.9% increase compared to the previous year. Nearly half of these new businesses were engaged in scientific and technical activities, administrative and support services activities, and other service activities. This diversification is seen as a positive step towards a more resilient and balanced economy.
Monaco’s tourism sector experienced a substantial boost during the first half of 2023. The number of occupied hotel rooms increased by 6.4%, reaching nearly 250,000 overnight stays. The cumulative occupancy rate reached 55.4%, indicating a gradual recovery to pre-pandemic levels. Notably, individual arrivals surged by 45.2%, though the average length of stay shortened slightly to 2.5 days. The return of non-EU customers also contributed to this positive trend.
Real estate activity in Monaco remained vibrant in the first half of 2023. Despite a decrease in the number of new property sales compared to the record set in 2022, the market remained robust, exceeding the ten-year average. The value of sales, largely influenced by the offshore extension project, approached €600 million, surpassing the previous year’s record of €342.1 million.
Monaco’s financial sector continued to demonstrate resilience. Although there was a slight decrease in the amount of deposits, the total assets under management by banks increased by 5.5% over the past year. However, it is worth noting that the number of banks in Monaco decreased by 6.9%, reflecting ongoing changes and consolidation in the financial industry.
Employment growth was observed across most sectors in Monaco during the first half of 2023. The Information and communication sector stood out with a 16.5% increase in jobs, driven by developments in motion picture, video, and television program activities. Furthermore, scientific and technical activities, administrative and support services activities contributed significantly to job creation, with more than 1,000 additional positions added.
In terms of transportation, helicopter traffic experienced a minor decline of 4.1% in the second quarter compared to the previous year. However, the number of vehicle registrations saw a remarkable 24.6% increase in mid-2023, with electric and low-polluting vehicles gaining popularity.
Monaco’s public services witnessed an increase in the use of public car parks, with ticket usage rising by 10.3%. Six public car parks accommodating two-wheelers contributed to a total of 44,675 ticket passages.
These comprehensive trends underscore Monaco’s overall economic resilience, diversification efforts, and promising prospects as it moves forward into the second half of 2023.