Monaco Statistics: GDP report for 2019 just published
After a fall in 2017 (-3.5%) followed by a recovery in 2018 (+6.0%), the Principality’s GDP continued to grow in 2019, reaching €6.63 billion (compared with €6.09 billion in 2018), a 7.5% increase in volume, corrected for inflation.
All components of GDP saw an increase in 2019, with gross operating surplus seeing the largest rise (+13.8%), as during the previous year.
Employment continued to increase in 2019 across both the private and public sectors. There were 1,564 new jobs (+2.8%) in December. The amount of wages paid rose by 4.6%, accounting for almost half of GDP (44.8%), excluding subsidies. This corresponds to the share of annually created wealth which is redistributed in the form of salaries and social security contributions.
Taxes paid on products rose relatively sharply (+5.8%), contributing 12.4% of wealth produced. This was primarily due to an increase in VAT collected, but also, to a lesser extent, to a rise in transfer duties.
The amount of subsidies increased (+1.5%) at a very similar rate to that seen in 2018 (+1.7%).
As is the case every year, economic performance by sector highlighted significant differences depending on the activity. Eight of the twelve major economic sectors (MES) that make up the Monegasque economy saw an increase in sectoral GDP, but growth was particularly concentrated in two sectors: administration, education, health and social work activities; and financial and insurance activities.
The three most important economic sectors in the Principality in terms of GDP are scientific and technical activities, administrative and support services; financial and insurance activities; and construction. Together, these account for almost half (44.4%) of the wealth produced.
GDP per capita was €75,942, an increase of 5.8% in volume. GDP per employee, an indicator of productivity, also rose by 4.6% to €114,600.
These excellent results demonstrate the Principality’s rude economic health and dynamism. Nonetheless, the current health crisis and its impact on the Monegasque economy will certainly have repercussions for this overall picture in 2020. There is a danger that, as in other countries, GDP in 2020 will definitely fall sharply, even though the Principality can count on its economic resilience and attractiveness.
Download rapport 2019