Focus Economy - Finance
- Wholesale trade
- Public Finances
- The Digital economy in Monaco
- The place of women within businesses
- Corporate governance
- Retail trade
- Manufacturing, mining and quarrying, and others industries
- Scientific and Technical Activities, Administrative and Support Services
- Transportation and storage
- Information and communication
- Accommodation and Food Service Activities
- Automobile Market
- Sector-specific Focus methodology
Wholesale trade represents 5% of employees, 9.3% of GDP and 30% of turnover.
Public finances are managed through the State Budget and the Constitutional Reserve Fund (CRF).
As in the previous seven financial years, a surplus was achieved in 2019. The value of CRF assets increased.
The Digital economy in Monaco
In 2018, Monaco’s digital economy generated a revenue of 826 million euros (5.8% of Monegasque sales excluding financial activities and insurance) and employed 1,663 employees (or 3.2% of private sector employees).
In 2018, construction generated 12.6% of Monaco’s turnover, excluding financial and insurance activities, employing 9.8% of private sector employees. It is the fourth largest employer in the Principality and the second largest sector in terms of turnover.
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.
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.
In 2017, the retail sector encompassed 801 very different businesses. Together, they make up the fourth largest sector in terms of turnover (excluding financial and insurance activities), at 1.4 billion euros.Variations from year to year should be interpreted with caution, since some types of activity with occasional exceptional performance can influence the overall trend by themselves. Over the long term, turnover is increasing, particularly due to car sales.
The majority of employment indicators were stable in 2017.
Manufacturing, mining and quarrying, and others industries
In 2017, Manufacturing, mining and quarrying, and others industries achieve 6.2 % of the turnover, excluding Financial and Insurance Services, employing 5.3 % of the employees of the Principality.
Scientific and Technical Activities, Administrative and Support Services
Second in terms of its contribution to Monaco’s GDP, this sector is the country’s largest employer and accounts for the highest number of businesses. It had the third largest turnover among major sectors of the economy (excluding Financial and Insurance Services) in 2018.
The activities covered by this sector are extremely diverse, resulting in significant differences in the structure of businesses and in their contributions to employment and turnover.
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.
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.
Accommodation and Food Service Activities
The accommodation and food service activities had a difficult year in 2016.
The sector experienced a loss of 246 jobs (-4.1%) and a reduction in turnover of EUR 26 million (-3.9%). Hotels and similar accommodation accounted for 208 of the job losses and EUR 25.6 million of the drop in turnover.
Good performance by restaurants and mobile food service activities (+EUR 3.3 million) did not make up for the decline in the other NAF groups.
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.
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.