Gouvernement Princier de Monaco
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News of theme "Analysis and Statistics"
17 September 2021 Press release

IMSEE Publishes the Economic Results for the 2nd Quarter of 2021

IMSEE has just published the Economy Bulletin for the second quarter of 2021.  As the data is cumulative since 1 January, it reflects the results of the first six months of the year.

The economic and health situation for the first halves of 2021 and 2020 is very different, with, in particular, two months of normal activity in 2020 (January and February) but a period of lockdown that affected a quarter of the half-year.  In 2021, the year began with the implementation of the vaccination campaign and the maintenance of certain health measures.  Economic activity continued and the Principality was no longer in lockdown.  Comparisons between 2020 and 2021 must therefore take these differences into account.

Thus, for this edition, and for the main indicators, IMSEE has taken the decision to compare the results :

- both with 2Q 2020, to measure the rebound from a half-year that had been in lockdown for a quarter of the time,

- but also with the same period before the health crisis (2Q 2019) to give a clearer context to these results in relation to a "normal" year.

In the first half of 2021, almost all the indicators showed an improvement, compared to the first half of 2020.


- foreign trade outside France remained well below its pre-crisis level, pulled down by imports, while exports were at the 2019 level;

- overall turnover was higher than in the first half of 2019, but disparities remain between sectors of activity, particularly in hotel industry/Food + Beverage, Real Estate, and, to a lesser extent, Other Services and Transport and Storage;

- Employment increased significantly, but remained below 2019 levels.  Despite a deficit of 3.5 million hours compared to the first half of 2019, the number of hours worked increased by 5 million compared to the first six months of 2020.

- The number of definitive deregistrations of establishments, as well as new businesses, is rising;

- hotel indicators have risen slightly, despite an occupancy rate that remains very low;

- New real estate is in decline, but the resale market is progressing strongly.  However, the real estate market overall remains below its pre-crisis level

- Air traffic is still badly affected.  On the other hand, the number of public car parks is increasing, as is the number of new car registrations, which is back to its pre-pandemic level.

In conclusion, a recovery of the majority of indicators compared to 2020 is noted, even if disparities persist depending on the sector of activity.  However, compared to 2019, some indices and sectors are returning to their pre-crisis level.

This first half-year, which remains dependent on the evolution of the pandemic and the measures taken to contain it, shows results with a rather positive trend.

The Economy Bulletin is online on the website www.imsee.mc



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