Presentation of the quarterly Economy Bulletin for Q4 2021

On Thursday 17 March, the Monegasque Institute of Statistics and Economic Studies (IMSEE) held a press conference regarding the Principality's Economy Bulletin for the fourth quarter of 2021 (cumulative data since 1 January). 

The Bulletin is also available on the IMSEE website at https://www.imsee.mc/Actualites/Bulletin-de-l-Economie-4T-2021

In the presence of Ministers Jean Castellini (Finance and Economy) and Didier Gamerdinger (Health and Social Affairs), Alexandre Bubbio, Director of IMSEE, stated: “Analysing this new bulletin is relevant for its comparison between 2021, 2020 – when there were six weeks of total lockdown – and 2019, the year before the crisis. The lag of one quarter before publication means the data can be consolidated and late VAT returns can be completed and added to. This therefore ensures greater data reliability with as accurate a comparison as possible across a similar scope”.

Foreign Trade (excluding France) has continued to recover but remains below pre-crisis levels, dragged down by imports whereas exports have now returned to 2019 levels. The overall volume of trade, other than with France, amounts to €2.9 billion, 23% up on 2020.

For the first time, imports from outside the European Union are higher than acquisitions from the EU.

Monaco's turnover, excluding financial and insurance activities, surpassed €16 billion, largely due to results in the two commercial sectors (wholesale and retail). It is up €1.9 billion compared to 2020 and up €1.0 billion on 2019. Nevertheless, certain major sectors of activity remain below their 2019 levels (in particular, accommodation and food service activities, other service activities and real estate activities).

In terms of private sector employment, at the end of 2021, with more than 2,000 extra positions compared to 2020, there were a total of 56,999 active jobs in the private sector. This figure is the first time pre-crisis levels have been surpassed, with 128 more jobs than in Q4 2019. Employment is increasing in all sectors except accommodation and food service activities. 

In the year 2021 to date, the number of new companies is up year-on-year and write-offs are stable. The balance of new companies to definitive write-offs has improved (+356 compared to +295 in 2020, but +392 in 2019).

The real estate market has grown since 2020. The number of transactions increased by 7.1% but did not return to the levels of 2018 and 2019.

In addition, the price per square metre has exceeded €50,000 for the first time. It has risen 75% in 10 years.

In terms of hospitality, the main indicators are trending upwards but remain below their pre-pandemic levels. The occupancy rate is increasing significantly but remains well below 2019’s.

“Since the beginning of the public health crisis, the Government has stood alongside stakeholders in the economy and society by introducing support measures. Our strategy bore fruit in a difficult situation because it was tailor-made, pragmatic and the result of listening carefully to the movers and shakers in the Principality. This strategy has therefore bolstered the recovery and limited the impact of the public health crisis on the country's economy”, stated Jean Castellini, Minister of Finance and Economy.

Didier Gamerdinger, Minister of Health and Social Affairs commented: “last year, it was the Government's aim to protect both the population and the economy at the same time. The two of them must go hand in hand and that's why we have been constantly listening and mediating in consultation with stakeholders in the economy. We have therefore implemented the braking measures required to protect the population, while sparing our economy. Economic stakeholders have done all they can throughout, enabling them to continue operating during the public health crisis. This responsible approach has prevented a second lockdown or the closure of restaurants”.

©Direction de la Communication - Manuel Vitali