GDP 2022: sustained growth after the 2021 recovery

After a strong economic recovery in 2021, Monaco stands out again with double-digit growth. This is revealed in the report on the Principality’s Gross Domestic Product (GDP) for the year 2022, published today by Monaco Statistics (IMSEE).

In 2022, Monaco’s GDP was €8.34 billion, up from €7.29 billion in 2021. Adjusted for inflation, this represents an 11.1% increase from last year. As a reminder, GDP had already increased by 21.9% in 2021. Over the decade, GDP grew by an annual average of 4.6%.

As is the case every year, substantial differences in economic performance were noted across the different sectors. The GDP of ten out of 12 of the Major Economic Sectors in the Monegasque economy increased from last year, and 11 exceeded pre-pandemic levels.

The three largest sectors in terms of GDP remain unchanged. Nearly half of all wealth created in the Principality in 2022 (49.1%) comes from scientific and technical activities, administrative and support services; financial and insurance activities; and wholesale trade.

Per capita GDP rose to €91,353, representing real growth of 8.2% this year.

GDP per employee, an indicator of productivity, also rose in volume in 2022, by 6.8% to €137,831.

This indicator, a more detailed reflection of the approach taken in Monaco to calculate GDP, reveals marked trends:

• Gross operating surplus (GOS) can be defined as the productive income of companies. This year, it is still up significantly (+17.7%), although less marked than in 2021. It accounts for 45.8% of GDP, excluding subsidies, making it the largest contributor to GDP.
• Employee remuneration corresponds to the share of annually created wealth which is redistributed in the form of salaries and social security contributions. In 2022, growth of this component was higher than in 2021. Employee wages stood at over €3.5 billion this year and contributes 41.1% of GDP, excluding subsidies. Growth in employee wages once again outpaced the number of active employees.
• Taxes on production increased by 9.1% to reach €1.15 billion and represented 13.2% of GDP, excluding subsidies.
• Subsidies reached €399.5 million, an increase of 5.1%, at a constant rate of growth, excluding the health crisis.

All of the figures set out here and the comparative tables are available from the www.imsee.mc website.