Focus Economy - Finance

Wholesale trade

In 2021, the Wholesale trade represents 1,315 active establishments, i.e. 12.2% of the structures in the Principality. The number of entities in this major economic sector (MES) has reached its highest level ever.

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The Digital economy in Monaco

The digital economy represents 915 active establishments in 2021, after 106 creations and 57 definitive strike-offs. This number, which is higher than in 2020 (49 additional entities, i.e. +5.7%), is also higher than the pre-crisis period (831 establishments in 2019).

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Construction

With 2.1 billion euros in 2021, Construction is the third largest sector in terms of turnover (13.3% of the Principality's total excluding financial and insurance activities). It has 497 active establishments and 5,662 employees.

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Public Finances

Public finances are approached through the presentation of the State Budget and the Constitutional Reserve Fund (CRF). After a deficit of €103.2 million in 2020, which put an end to eight consecutive years of surpluses (from 2012 to 2019), the 2021 budgetary result returns to a revenue surplus of around €8.0 million.

Download the Focus : Public Finances

Accommodation and Food Service Activities

In 2021, The Accommodation and food service activities sector has 308 establishments of which 237 are restaurants (76.9% of the MES). The MES's revenues will amount to 579 million euros in 2021.The Accommodation sector, carries the sector with 409 million euros (70.7%). Accommodation also accounts for over 70% of MES employees

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Scientific and Technical Activities, Administrative and Support Services

This Focus describes this major sector of the Monegasque economy.

In December 2021, the Scientific and technical activities, administrative and support service activities sector had 2,536 active establishments, i.e. almost a quarter (23.6%) of the Principality's entities.

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Civil service

Monaco's Civil Service workforce exceeds 5,000 people for the first time on 31 December 2021 (+2% compared to 2020). More than three quarters of these employees are in the Governmental Administration. The gender breakdown of civil servants has remained stable, with 57% men.

On the other hand, French nationals and commuters remain in the majority, and their presence has increased compared to the previous year. 

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Manufacturing, mining and quarrying, and others industries

In 2020, there were 179 businesses operating in the Manufacturing, mining and quarrying and other industries sector, which generated revenue of €695.1 million. The major economic sector (MES) numbered 122 employers and 2,558 employees. It accounted for just 3.1% of the Principality’s gross domestic product (GDP) in 2019, the second lowest contributor of all sectors.

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Retail trade

Revenue in the retail trade sector reached €1.7 billion in 2019, its highest ever level. Retail trade accounts for 11.5% of the Principality’s total revenue, excluding financial and insurance activities and is the fourth largest sector behind construction.

The number of employees increased (+2.0%), while the number of employers fell (-0.2%) compared with the previous year. The number of businesses remained stable at around 800, accounting for 8.1% of businesses in the Principality.

Retail trade is the eighth highest contributor to GDP, at more than €357 million.

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The place of women within businesses

At the end of the year 2018, women accounted for 27.9 % of active people registered in the Trade and Industry Register (RCI) and 40.2 % of Monaco’s employee population. The share of women has evolved differently in these two populations and stills varies significantly between economic activity sectors.

Download the Focus: The place of women within businesses

Corporate governance

There are 10,627 business leaders within the boards of directors and decision-making bodies of the companies registered in the Trade and Industry Register, as at December 31, 2017. It is an increase of 6.1% compared with the same period in 2016.

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Transportation and storage

In 2017, Transportation and storage realise 4.3 % of turnover, excluding Financial and Insurance Services and employ 4.0 % of the Principality's private sector employees.

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Information and communication

In 2017, Information and Communication account 5.9 % of turnover, excluding Financial and Insurance Services and employ 2.4 % of the Principality's private sector employees.

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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.