Gouvernement Princier de Monaco

Economy Bulletin

Data at 3rd quarter 2017

The total volume of trade has fallen by €157 million or 8.8%. Exports are down (-€96.3 million) by more than imports (-€60.5 million), and so the trade deficit has widened.

The Principality’s turnover, excluding financial and insurance activities, rose (+2.5%) compared with 2016, thanks to good performance in the construction and information and communications technology sectors.

Employment increased, adding 1,750 jobs, 131 employers and 1.7 million hours worked, thanks in particular to an increase in temporary employment (+555 jobs and +0.5 million hours worked).

The number of businesses started was up (+6) and the number of closures fell slightly (-2) compared with the previous year. The balance (number of businesses started minus closures) increased (+290).

The key indicators for the hotel industry experienced a general decline, with only the average price per room increasing.

The real estate market has been declining compared with 2016 since the beginning of the year. While the number of sales has risen, the cumulative total of the transactions fell since the assets sold were smaller (fewer rooms). On the resale market, the average value of transactions was stable, but there were fewer of them.

Registrations of new vehicles have continued to rise, once again reaching their highest level ever. The use of car parks was also up, except during the month of June. Despite strong activity over the summer, the cumulative performance of air (helicopter) transport since the beginning of the year remains on a downward trend, negatively impacted by the first quarter figures.