Gross Domestic Product

The Principality's GDP reaches 7.27 billion euros in 2021, compared with 5.90 billion in 2020 and 6.60 billion in 2019. After a 13.0% drop in 2020, it grows by 21.6% in real terms, adjusted for inflation, and by 5.8% in real terms compared to 2019.

It thus erases the decline in 2020, to resume its growth trend of recent years. Over the decade, GDP recorded a compound annual growth rate of 4.4%.

Given the approach adopted in Monaco of GDP as an indicator of income, it is divided into four components:

• Notably affected by the health crisis in 2020, EBITDA rebounds considerably (+23.4%) and becomes the leading contributor to Monaco's GDP (44.1% of GDP excluding subsidies). It thus just overtakes the wage bill for the first time since 2007.
• The employee remuneration increases by 10.1% compared to 2020 and by 4.0% compared to 2019, i.e. in greater proportions than the number of active employees. In 2021, the wage bill represents 42.1% of GDP excluding subsidies.
• The amount of taxes paid on products increases in 2021 by 13.8%, due in particular to the growth of VAT, and contributes to 13.8% of the wealth created excluding subsidies.
• After subsidies doubled in 2020 as a result of the Prince's Government's voluntary policy of supporting the economy, the latter halved in 2021 (-44.6%) but nevertheless increased compared to 2019, at a rate equal to that of previous years.

Together, Scientific and technical activities, administrative and support service activities and Financial and insurance activities create more than a third of the wealth produced in the Principality (37.3%), and this share rises to 47.3% if Wholesale trade is added, i.e. almost half of the overall GDP.

GDP per capita is at a record level of 81,710 euros. This is 17.5% higher in real terms than in 2020, and 3.9% higher than in 2019.

GDP per employee is also at an all-time high of 125,121 euros, up 17.0% in real terms compared to 2020, and up 5.4% compared to 2019.