Gouvernement Princier de Monaco

Economy Bulletin

Data at 1st quarter 2020

After several years of rising strongly, the total volume of trade, excluding France, fell during Q1 2020 for the first time since 2016, to a level comparable to the earlier year.

At the end of March 2020, the Principality’s revenue, excluding financial and insurance activities, fell by EUR 84 million or 2.6% compared with 2019, to the same level as in 2017.

Employment indicators in the private sector were down at the end of Q1 2020 (3% fewer jobs).

The number of new businesses created fell compared with last year (-31.3%).     

The key indicators for the hotel industry experienced a precipitous decline, as did cruise activity following the closure of territorial waters.

Only the property resale market remained highly dynamic, with more than 100 transactions completed during the quarter.

The closure of car dealerships in mid-March led to a decline in registrations of new vehicles (-84), while the lockdown resulted in a reduction in the use of public car parks and less air traffic.