Monaco in 2023: GDP up, highlighting Principality’s economic strength

Monaco’s economy continued to perform well in 2023, heralding a third consecutive year of strong growth, as highlighted in the Gross Domestic Product (GDP) report issued today by Monaco Statistics (IMSEE). The report confirms that the Principality maintained its momentum, a finding in line with other key indicators including higher turnover, increased foreign trade and sustained growth in employment. Against a background of global uncertainty, the resilience of Monaco’s economy is evidence of a successful model that is capable of creating and sustaining lasting wealth.

In 2023, the Principality of Monaco’s GDP was €9.24 billion, compared with €8.36 billion in 2022, an increase of 5% adjusted for inflation. While slightly lower than last year, this strong growth rate clearly demonstrates that Monaco’s economy is in good health, driven by a decade of impressive performance which has seen an overall increase of 46.5%, equivalent to annual growth of 4.3%.

Across the Monegasque economy, the performance of different sectors in 2023 shows a mixed trend, with nominal variations ranging between -6% and +30%. Of the twelve major economic sectors, seven have seen an increase in GDP, illustrating the vitality and innovation in certain sectors that are the driving forces of the economy. This mixed picture across different sectors highlights the Monaco economy’s ability to adapt. Despite fluctuations in some areas, the economy has continued to follow a trajectory of strong, diversified growth overall.

The key sectors of the Monegasque economy – scientific and technical activities, administrative and support services; financial and insurance activities; and wholesale trade – continue to be central to creating wealth. Their total contribution to GDP increased again this year, and now accounts for more than half of the wealth generated in the Principality. This concentration emphasises the strategic importance of these sectors. They are key pillars of growth in Monaco, strengthening the resilience of the country’s economy by attracting talent, capital and innovation.

In 2023, Monaco’s GDP per capita was almost €100,000, experiencing actual growth of 2.4% per year, and an increase of more than 26% over 10 years.

Detailed figures and comparative tables can be found in the GDP Report 2023, which is available from www.imsee.mc