Gouvernement Princier de Monaco

Focus Economy - Finance

Accommodation and Food Service Activities

The accommodation and food service activities had a difficult year in 2016.

The sector experienced a loss of 246 jobs (-4.1%) and a reduction in turnover of EUR 26 million (-3.9%). Hotels and similar accommodation accounted for 208 of the job losses and EUR 25.6 million of the drop in turnover.

Good performance by restaurants and mobile food service activities (+EUR 3.3 million) did not make up for the decline in the other NAF groups.

Download the Focus : Accommodation and Food Service Activities

Public Finances

Public finances are detailed through the presentation of the National Budget and the Constitutional Reserve Fund (FRC).

Both experience a positive 2016 year, with a developing surplus budget and an increasing value of FRC (+2.7%).

Download the Focus : Public Finances

Scientific and Technical Activities, Administrative and Support Service

The Scientific and technical activities, administrative and support service sector declined in 2016.

The sectorial turnover decreases more (-8.7 %) than the Principality’s turnover excluding Financial and Insurance Activities (-0.7 %). The number of jobs contracts (-1.1 %) while overall employment in the Principality increases (+1.3 %).

Download the Focus : Scientific and Technical Activities, Administrative and Support Service

Retail trade

In 2016, the Retail trade sector bucked the trends observed in the Principality’s main economic indicators.

Turnover in the sector exceeded EUR 1.5 billion for the first time (+5.1 %), whereas the Principality’s total turnover declined slightly (by 0.7 %). Unlike in 2015, the traditional retail sector (excluding cars) and the car sales sector saw increases in turnover, of 4.1% and 7.3 % respectively.

Retail employment was down 1.3% while overall employment in the Principality rose by 1.3 %.

Download the Focus : Retail trade

Manufacturing, mining and quarrying, and others industries

In december 2016, Manufacturing, mining and quarrying, and others industries sector represents 5.3 % of the global employment and 3.3 % of the total number of employers - excluding domestic work.

Since 2012, the sector is in fall. The turnover decreases by 369 M€ (-30.6 %) and there are 450 fewer jobs (-14.2 %).

The industrial spaces (101 000 m²) are mostly (94 %) located in Fontvieille.

Download the Focus : Manufacturing, mining and quarrying, and others industries

Wholesale trade

For the third consecutive year, turnover in the Wholesale Trade sector has declined. With a fall of 9 % in 2015, smaller than in 2013 and 2014, the sector has seen its turnover drop by more than 42 % in three years, declining from 8 billion to 4.6 billion. It nevertheless represents more than a third of the Principality’s turnover, excluding Financial and Insurance Activities. 

The Wholesale Trade sector does not employ a large workforce; the creation of wealth is largely derived from the gross operating surplus of companies in the sector. As in previous years, the drop in turnover did not affect employment, which continued to grow (+4 %), accounting for 5 % of total employment.

Download the Focus : Wholesale trade

Information and communication

The Information and Communication sector is a small part of the Monegasque economy. It accounts for 2.4% of jobs in the Principality and 4% of turnover. Its contribution to growth through GDP is likewise moderate (5%).

Performance in 2014 was positive in terms of both employment and turnover. However, in the Principality, this sector is highly influenced by two major economic players: Monaco Telecom and Télé Monte-Carlo.

Download the Focus : Information and communication


The Construction sector experiences employment and turnover evolutions that are strongly linked to the progress and rhythm of ongoing building projects. The structural works of important projects of the Principality were completed in 2014. The employment structure reflects these changes with 167 additional jobs in finishing activities and 48 jobs less in structural works.

The turnover decreased (-12%) compared to an exceptional year in 2013, though it is still higher than years 2011 and 2012.

Download the Focus : Construction

Corporate governance

This Focus is about the gender representation within the boards of directors and decision-making bodies of the companies registered in the Trade and Industry Register, as going concern at December 31, 2014.

Women represent 26,7% of business leaders in the Principality as at December 2013. There are almost one businesswoman on three registered as "Sole trader" : it is the most feminized legal form.

Download the Focus : Corporate governance

Transportation and storage

The “Transportation and storage” sector covers activities linked to transport, both regular and irregular, for passengers and goods, by rail, by road, by pipeline, by water or by air, and the associated activities such as the operation of transport infrastructures, freight handling, warehousing, etc.

This section includes the renting/lease of transport equipment with driver or pilot and also postal and parcel services. These comprise transport of letters, packages and parcels outside of the activities covered by the postal monopoly (La Poste Monaco being attached to France, its workforce and results are not registered in the Principality), and local delivery and messenger services.

As of 31 December 2013 the Transportation and storage sector represents 1 979 jobs (1 447 men and 532 women) or 4% of overall employment, held at 63.1% by French people and at 73.1% by men.

Download the Focus : Transportation and storage

Automobile Market

This first issue of Focus analyses the automotive industry, which is traditionally defined by the matching of supply (production of vehicles) with demand (vehicle registrations).

In the Principality, other than Venturi, the market is based only on vehicle registrations. Statistics on the automotive industry market therefore only relate to registrations carried out by the Driver and Vehicle Licensing Office. The period examined was the first six months of 2012.

Download the Focus : Automobile Market

Sector-specific Focus methodology

Each sector-specific Focus presents an annual analysis of a specific major economic sector (MES), providing an overview of the sector using the following economic indicators: employment, turnover and contribution to gross domestic product.

While the lines of analysis remain the same in each Focus, the phenomena observed may be illustrated by the addition of complementary information depending on the sector under review.

General information: N and N-1 data are provisional datasets which may be enriched. N-2 data is definitive. Monaco Statistics publishes the latest available data. Unless otherwise indicated, financial data is given in millions of euro (€M).

In some tables, due to rounding, the results of the groups may not always correspond to the sum of the elements of which they are composed.

NAF: The adoption of the French classification of activities (NAF, Rev. 2, 2008) on 1 January 2012 required a redefinition of the major economic sectors (MES). In order to reflect as closely as possible the reality of Monaco’s economy, 12 major economic sectors were retained, based on an aggregation of the 21 NAF 2008 sections (Level 1). Depending on the MES under review, the Focus presents employment and turnover data by NAF division (Level 2) or NAF group (Level 3).

Employment: the data is sent by the Monaco Social Security Funds on the first Saturday of March N+1. The number of jobs is the number declared to the Social Security Funds for the month of December. To make it more relevant, data on hours worked and wages is presented for the year to date. This data may be revised following adjustments made by the Social Security Funds.

Turnover: the data, which comes from VAT declarations for the submission period and is collected by the Department of Tax Services, is as of 31 December of year N. Monaco Statistics extracts two datasets on 31 March N+1: for 31/12/N and for 31/12/N-1.

GDP: the Principality has retained the GDP approach as an indicator of revenue in the absence of national accounting. Data relating to the gross operating surplus of Monegasque businesses is obtained via a survey. The GDP for year N is usually published by Monaco Statistics during November of the year N+1. Since Focuses are published from April N+1, the GDP by sector data presented relates to the year N-1.