Monaco's Economy Marks Third Year of Strong Growth, GDP Up Five Percent

Monaco's economy continued its upward trajectory in 2023, marking a third consecutive year of robust growth. According to the latest figures from the Monegasque Institute of Statistics and Economic Studies (IMSEE), the principality's Gross Domestic Product (GDP) climbed to 9.24 billion euros, an increase from 8.36 billion euros the previous year, representing a real growth of five percent after inflation adjustments. This consistent performance highlights Monaco's economic resilience and its proficiency in maintaining long-term wealth amidst global economic fluctuations.

The economic stability of Monaco is further evidenced by positive movements across various key indicators, including revenue, foreign trade, and salaried employment. Over the last decade, Monaco has seen a remarkable 46.5 percent increase in its total economic output, with an average annual growth rate of 4.3 percent. Such metrics underscore the principality's capacity for sustained economic adaptability and strength.

In a detailed sectoral analysis for 2023, the performance across Monaco's twelve major economic sectors showed a wide variance in growth, ranging from a six percent decline to a 30 percent increase. Notably, sectors like Scientific and Technical Activities, Administrative and Support Services, Financial and Insurance Activities, and Wholesale Trade not only experienced positive growth but also collectively contributed to over half of Monaco's total GDP. This sectoral dynamism is pivotal in reinforcing Monaco's position as a hub for innovation, talent, and investment, solidifying its economic future.