Calm before the storm: in 2019 Monaco sees GDP growth

The Irish Embassy in Paris is inviting applications for the honorary position © Unsplash

Monaco Statistics has just published data on the 2019 GDP. After a 3.5% drop in 2017, and a 6,0% growth in 2018, in 2019, Monaco’s GDP continued its ascent.

In 2019, Monaco’s GDP reached 6,63 billion euros, compared to 6,09 billion in 2018.

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As was the case in 2018, the Gross Operating Surplus saw the greatest increase, with a 13.8% rise. Employment rates were also on the rise, in both the private and public sectors, with 1,564 new employees, up by 2.8%.

The same can be said for individual revenues, which have risen by 4.6%. It should be noted that they represent almost half of GDP (44.8%) excluding subsidies. Taxes paid on products are up 5.8%, as are subsidies, up 1.5%.

Considerable differences between sectors

As in previous years, wealth is not equally distributed between sectors. Overall, eight out of the twelve main industries saw their sector’s GDP increase.

In terms of GDP, the three most important sectors in Monaco are:

Financial and insurance activities (17.8%)
Scientific and technical activities, administrative and support services (17.0%)
Real estate activities (10.0%), which reached the top three following the decline in the construction sector

These three sectors account for almost half (44.4%) of the wealth produced.

Despite the 2019 growth, there are fears that the pandemic may have a considerable impact on the 2020 GDP.