Gouvernement Princier de Monaco

Focus Economy - Finance

Public Finances

Public finances are managed through the State Budget and the Constitutional Reserve Fund (CRF). Due to the COVID-19 health crisis and despite an increase in revenue, the final 2020 budget included excess expenditure and showed a deficit of €103.2 million. This follows eight consecutive years of budget surpluses (from 2012 to 2019).

Download the Focus : Public Finances

Civil service

Monaco’s civil service workforce has grown consistently since 2013 and stood at 4,911 people on 31 December 2020, an increase of 2.8% over the previous year and 16.0% larger than in 2013.

The proportion of women is increasing, although men represent 57% of public-sector employees (they account for 60% in the private sector). French nationals and commuters, whose numbers increase each year, still make up the majority of staff. The mean age of 43.6 years has remained stable for several years.

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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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Wholesale trade

Wholesale trade represents 5% of employees, 9.3% of GDP and 30% of turnover.

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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).

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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.

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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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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.

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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.

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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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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.

Download the Focus : Accommodation and Food Service Activities

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.