Gouvernement Princier de Monaco

Economy Bulletin

Although the global economic climate is tense, the Principality reports a good economic situation and continues its recovery. While some indicators have not yet returned to their pre-pandemic levels, there is consensus that almost all aggregates are growing strongly relative to 2021.

Data at 3rd quarter 2022

Monaco's foreign trade continues to grow, as shown by the 20.1% increase in the overall volume of trade, excluding France.

Despite the pressure exerted by the energy crisis, the Principality's revenue, excluding Financial and insurance activities, reaches an unprecedented €13.9 billion, up by €2.4 billion (+21.0%).

Employment continues to grow in the private sector in the third quarter, driven in particular by Accommodation and food service activities.

The balance of new establishments and delistings has narrowed, due to a greater slowdown in new establishments than in strike-offs in the third quarter.

Although still lagging behind 2019, tourism figures in Monaco are clearly up compared to 2021.

The real estate market continues its record year, with new property sales in the third quarter already 4 times higher than the total for 2021 due to new construction.

Still far from its pre-crisis results, helicopter traffic is nevertheless up sharply this quarter. New vehicle registrations are lagging behind the previous year.