Gouvernement Princier de Monaco

Economy Bulletin

Data at 2nd quarter 2020

Total trade, excluding France, fell by almost half to a level slightly below that of 2016 and 2017.

At the end of June 2020, the Principality’s revenue, excluding financial and insurance activities, fell by almost €1 billion (-13%) compared with 2019, again to the same level as in 2016.

Private-sector employment experienced a strong rebound in June 2020, compared with previous months, but figures remained below their 2019 levels.

The number of new businesses created fell much more sharply (-130) than the number which closed (-60) compared with last year, leading to a reduction in the balance (126 compared with 196).

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

The property resale market was stable in terms of volume, but saw a 9% reduction in value.

Despite the recovery noted in June (295 registrations compared with 277 in 2019), the number of new vehicles registered remains below last year’s figure. Use of public car parks continued to be lower than normal, although to a lesser extent in June. The suspension of some types of flight had a severe and adverse impact on air traffic.