Gross Domestic Product

In 2022, the Principality's GDP is 8.34 billion euros, compared with 7.29 billion in 2021. After the strong growth of 21.9% in 2021, it remains at a very high level: +11.1% in volume, adjusted for inflation.

Since 2013, Monaco's GDP has grown by almost 50%, compared to around 10% in France and 27% worldwide.

Because of the method used in Monaco to define GDP as an indicator of income, it is divided into four components:

• Earning before interest, taxes, depreciation and amortisation (EBITDA) can be defined as the "remuneration" (productive income) of companies. Once again this year, it is rising significantly (+17.7%), although less markedly than in 2021. It represents 45.8% of GDP excluding subsidies, making it the largest contributor to GDP.
• Compensation of employees corresponds to the redistribution of annually created wealth in the form of salaries and social security contributions. In 2022, growth in this component is higher than in 2021. This year, the wage bill amounts to more than 3.5 billion euros and contributes to GDP (excluding subsidies) to the tune of 41.1%. Moreover, its growth is again greater than that of the number of active employees .
• Taxes rise by 9.1% to 1.15 billion euros, accounting for 13.2% of GDP excluding subsidies.
• Subsidies totalled 399.5 million euros (+5.1%), a constant growth rate excluding the health crisis.

Ten of the twelve main economic sectors (MES) of the Monegasque economy have increased their GDP compared to 2021, and eleven are above their pre-crisis level.

The three main business sectors in terms of GDP remain unchanged. Almost half of the wealth created in the Principality in 2022 (49.1%) comes from Scientific and technical activities, administrative and support service activities, Financial and insurance activities and Wholesale trade.

GDP per capita records a real growth of 8.2% this year, bringing it to 91,353 euros.

GDP per employee, an indicator of economic productivity, reaches 137,831 euros in 2022, a real increase of 6.8%. This puts it even further ahead of its French equivalent.