Growing Monegasque job market boasts 2,400 more jobs over 2023
Monaco Statistics has published its 2023 Employment Observatory - © Unsplash
Of the nearly 74,000 jobs, more than 84% are in the private sector, with the remainder in the civil service.
The Monegasque labour market is healthy, as witnessed by Monegasque Institute of Statistics and Economic Studies (IMSEE – Monaco Statistics) in its 2023 employment observatory. Employment has increased by 24% in Monaco in ten years, despite the Covid period. This translates to nearly 14,300 more jobs in Monaco since 2014, across all sectors.
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Focus on the private sector
The private sector boasted 58,326 employees at the end of 2023. These are mostly male (over 6 employees out of 10). The institute also mentions that the sector’s salaried population is ageing slightly: the average age of a private sector employee is 42.4, as compared to 41.1 years old in 2014. As for place of residence, over a quarter live in Nice, almost 4,000 more than in 2017. However there is a trend towards remote working. There were roughly 5,600 remote workers at the end of 2023.
In terms of countries of origin, 140 different nationalities were noted among private sector employees in 2023, compared to 128 ten years ago. Private sector employees of Monegasque nationality are now fifth in the ranking, with a stable number of around a thousand.
Another finding in the private sector is that the number of temporary workers is increasing from year to year. That number has grown by 2,700 in ten years, an increase of 64.5% since 2014. This is well in excess of the overall figure for the private sector (+21.8% since 2014) with a total number of temps at 6,900, an increasing number of which are men (86.9% compared with 77.8% a decade ago).
More French workers in the Civil Service
At the end of 2023, 5,153 people worked in the Cvil Service. An increasingly female-dominated workforce that is expanding every year: + 18.5% in ten years. While the average age in the private sector is on the rise, it is unchanged in the civil service. It should also be noted that the ratio of Monegasques in the Civil Service has fallen slightly over the past ten years and that the Service comprises more and more commuters. The number of French civil servants has steadily increased, with 800 additional people in a decade.
Who are the self-employed workers?
The study also highlights the growing number of self-employed people in Monaco, which stood at almost 6,000 at the end of 2023. In the top 3 of their areas of business: wholesale trade, specialised services such as advertising, design or photography, and management consultancy. They are mostly men, aged around fifty years.