Gross Domestic Product

Monaco’s GDP was 5.85 billion euros in 2016, compared with 5.64 billion in 2015. Corrected for inflation, GDP recorded an increase of 3.2 % by volume.

Since 2013, the Principality's GDP growth rate has slowed down (+3.2 % in 2016) but has remained stronger than worldwide (+2.4 %) and the European Union (+1.9 %).

The 2016 growth rate is entirely due to the performance of two sectors : Construction and Other service activities.

The three largest economic sectors in the Principality in terms of GDP are Financial and Insurance Activities, Scientific and Technical Activities, Administrative and Support Service Activities and Construction. They represent almost half (45.3 %) of the wealth produced.

All the GDP components, except for subventions, contributed positively to the result.

For the fourth year in a row, the Earnings before Interest, Taxes and Amortisation (EBITA) of companies has shown the strongest progression. It reaches 2.57 billion and represents 43.9 % of the wealth created. Since 2005, the EBITA contracted only three times, particularly in 2009, following the international financial crisis.

Employment grows in 2016, in the private and in the public sector. There were 491 additional employees (+0.9 %) in December. The total payroll increases (+2.5 %). It represents almost half of the GDP (47.4 %), which corresponds to redistribution in the form of salaries and contributions of the wealth created annually.

Tax paid on products grows moderately (+1.6 %). It contributes an amount of 12.7 % to the wealth produced. This increase is mainly due to transfer rights which rose by 23.3 %.

The amount of subsidies increases (+1.4 %), but less than in 2015 (+2.0 %). 

GDP "per capita" was 72 091 euros, an increase of 3.2 % by volume.

GDP per employee, a productivity indicator, was 111,489 euros, an increase of 2.2 %.