Quaterly Economic Report Q2 2020

The first quarter of 2020 was marked by the COVID-19 pandemic, which began at the beginning of the year. The health measures introduced to curb it had an impact on activity throughout the first six months of the year.

The Monegasque economy, like the global economy, therefore continued to be impacted during the second quarter. Following an almost total lockdown, which lasted for nearly half of the second quarter and saw a dramatic fall in all of the economic indicators analysed below, the resumption of activity was gradual. It was supported by various measures introduced by the Prince’s Government from the beginning of the pandemic to make the recovery possible. The majority of sectors were not able to reopen until June. With the global health situation still fragile and uncertain, it was impossible, despite the resumption in activity, for results to return to pre-crisis levels at this stage.

The unusual nature of these first six months of the year should therefore be borne in mind when reading this brief.

For further information, download Bulletin of the Economy for the second quarter of 2020.