Gouvernement Princier de Monaco

Economy Bulletin

Data at 4th quarter 2018

The total volume of trade continues to grow and is close to 3 billion euros. Imports are rising more strongly than exports, resulting in a widening of the trade deficit.

In the fourth quarter of 2018, the Principality’s turnover, excluding financial and insurance activities, increased by EUR 402.4 million, or 2.9%. This was due to good performance in three sectors: scientific and technical activities, administrative and support services (+€157.6 million), real estate activities (+€151.8 million) and other service activities (+€133.6 million).

With 55,427 jobs, and more than 2,000 additional jobs compared with December 2017, salaried employment in the private sector was up at the end of 2018. Temporary employment once again played a significant role in these figures.

The number of businesses launched fell but the balance (launches minus closures) remains broadly positive (+299).

In the tourism sector, the number of room nights increased, exceeding 570,000 rooms for the first time. The rise in the number of rooms available for sale, due to the partial reopening of the Hotel de Paris, led to a slight drop in the occupancy rate. The numbers of ports of call and cruise passengers rose, in particular from luxury liners.

The property market experienced growth, with an increase in sales and resales.

There was a sharp fall in the number of vehicles registered during the fourth quarter, cancelling out the good performance recorded since the beginning of the year.

Use of public car parks declined slightly. The number of helicopter flights fell, despite an increase in passenger numbers.