Gross Domestic Product

Monaco’s GDP for 2019 was €6.63 billion, compared with €6.09 billion in 2018, an increase of +7.5% in real terms, adjusted for inflation.

After a fall in 2017 (-3.5%), the Principality’s GDP continued its recovery (+7.5% in 2019, following a rise of +6.0% in 2018).

Three sectors produce nearly half (44.4%) of the wealth generated in the Principality:

• Scientific and technical activities, administrative and support services (17.8%)
• Financial and insurance activities (16.7%)
• Construction (9.9%) which reached the top three following a decline in the real estate activity sector.

Over the last decade, employee remuneration is the only component of GDP, which has consistently risen. It accounts for nearly half of GDP (44.8%), excluding subsidies. In addition, the total amount of salaries paid out increased by more (+4.6%) than the rise in the number of employees (+3.7%).

Overall gross operating surplus increased sharply (+13.8%) thanks to a rise in eight out of twelve sectors. It accounts for 42.8% of GDP, excluding subsidies.

There was a relatively strong increase in tax revenue (+5.8%), which contributed 12.4% of wealth produced. This was primarily due to an increase in VAT collected, but also, to a lesser extent, to a rise in transfer duties.

The amount of subsidies continued to increase (+1.5%) at a very similar rate to that seen in 2018 (+1.7%).

GDP per capita was €75,942, an increase of +5.8% in real terms.

GDP per employee, an indicator of productivity, also rose by +4.6% to €114,600.