Further solid growth in Monaco’s GDP in 2023
Monaco's Gross Domestic Product amounts to over €9 billion © Nick Karvounis/Unsplash
The Monegasque economy is performing much better than the rest of the world.
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The Monegasque Institute of Statistics and Economic Studies (IMSEE) has just published its report on Monaco’s Gross Domestic Product. According to the figures, it has risen by 5% to €9.24 billion in 2023, compared with €8.36 billion in 2022. Since 2014, it has recorded a growth rate of almost 50%, compared with 27% globally and 10% in France.
More than half of the wealth created in the Principality (52.3%) comes from scientific and technical activities, administrative and support services, financial and insurance activities and wholesale trade.
In 2023, there was also an increase of over 5% in total turnover and the overall volume of international trade, and 3.5% in private sector employment.
Meanwhile, GDP per capita is close to €100,000, with growth of 2.4% year-on-year and an increase of more than 26% in ten years. GDP per employee, which can be taken as an indicator of economic productivity, amounted to €145,625 euros this year. The results reflect “a third consecutive year of solid growth”, IMSEE commented.