“Spectacular upswing” for Monaco’s economy post-Covid
Monaco Tribune
However, not all sectors are on an equal footing. Some are doing better than others.
Good news for the Monegasque economy. After a difficult 2020, impacted by the health crisis, 2021 GDP exceeded 2019 levels. According to the latest study by the Monaco Statistics (IMSEE), GDP in 2021 reached 7.27 billion euros, compared to 6.6 billion in 2019, an increase of 5.8%.
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The good results differ from sector to sector. While scientific and technical activities, administrative and support services, the financial and insurance sector and wholesale trade are doing very well, accommodation and restaurants are still struggling to return to their pre-COVID levels.
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Jean Castellini, Minister of Finance and Economy, welcomed the figures with pride.
“We can see that not only is there a spectacular upswing compared to 2020, […] but that even compared to 2019, which was a very good year, GDP has increased significantly,” the Minister told Monaco Info.
He also described Monaco as a “prosperous country” with “healthy public finances, a recovering economy and public authorities working alongside economic stakeholders. We can only welcome this.”