Monaco's Economy Flourishes: IMSEE Report Highlights Growth in Key Sectors

The latest edition of the Bulletin de l’Économie released by Monaco's statistics office, IMSEE, showcases notable economic trends in the Principality for the first three quarters of the year. Trade volume has notably exceeded three billion euros, marking an 11.9 percent increase compared to the previous year, despite a minor decline in exports. Leading the export figures were luxury items such as jewellery and musical instruments, totaling 114 million euros, while vehicle imports, which topped the list, reached 212.6 million euros.

On the employment front, Monaco has seen a robust increase in job creation, particularly in the private sector, with a 4.7 percent rise from the previous year, totaling 65,752 jobs. The hospitality industry and temporary employment sectors have been significant contributors to this growth, adding nearly 3,000 new roles. The total hours worked across the Principality have also increased by 5.1 percent, indicating a strengthening labor market.

The real estate sector in Monaco continues to thrive even with fewer transactions, as high-value deals drove the total transaction volume close to three billion euros. Notably, new property sales soared to 1.4 billion euros, a striking 37.4 percent rise, while the average resale price of properties escalated to a record six million euros. This surge underscores Monaco's enduring appeal as a premier destination for luxury real estate investments.