Gross Domestic Product

Monaco’s GDP for 2020 was €5.97 billion, compared with €6.60 billion in 2019, a decline of 11.8 % in real terms, adjusted for inflation.

Following two years of robust growth (+6.0% and +6.9%), GDP fell to a level slightly below that of 2018. 

Three sectors produce more than half (50.1%) of the wealth generated in the Principality:

• Scientific and technical activities, administrative and support services (20.3 %);
• Financial and insurance activities (18.3%);
• Construction (11.4%), which remains in the top three following a decline in the real estate activities sector.

This is only the second time since 2011 that the number of employees (public and private sectors) has fallen. Employee numbers declined by 0.5% in 2015, and by 3.4% in 2020. The amount of wages paid fell by 5.5%, although there has been an average 2.7% annual increase in employee wages across the last decade. These wages account for almost half (44.3 %) of the wealth produced (excluding subsidies).

Gross operating surplus fell sharply (-7.0%), Despite this decline, there has been average annual growth of 4.9% in the gross operating surplus over the course of the decade. Gross operating surplus accounts for 41.7% of GDP excluding subsidies.

There was a relatively strong increase in tax revenue (+8.0 %), which contributed 14.0% of wealth produced. This rise can be explained primarily by an increase in VAT, particularly on real estate.

Total subsidies doubled (+100.4%) as a result of the Government’s proactive policy on supporting the economy.

GDP per capita was €69,380, a decline of 10.4% in real terms.

GDP per employee was €106,719, a fall of 8.7% in real terms.