Summary:
Monaco’s economy continues to grow, with a 5% increase in GDP in 2023 and key sectors such as scientific and technical activities, administrative services, and financial activities playing a central role in wealth creation.
Full Story:
Monaco’s economy continues to demonstrate strong growth, with the Gross Domestic Product (GDP) increasing for the third consecutive year in 2023, according to a report published by the Institute of Statistics and Economic Studies (IMSEE). Despite global uncertainty, Monaco’s economic resilience highlights its successful model for creating sustainable wealth. In 2023, Monaco’s GDP reached €9.24 billion, a 5% increase adjusted for inflation compared to the previous year. Although slightly lower than last year’s growth, this solid expansion reflects the vitality of Monaco’s economy, which has seen a remarkable 46.5% increase over the past decade, equivalent to an average annual growth rate of 4.3%.
Monaco’s economic sectors showed a mixed performance in 2023, with nominal variations ranging from -6% to +30%. Seven out of the twelve Economic Activity Sectors experienced GDP growth, demonstrating the dynamism and innovation of key sectors driving the economy. This sectoral diversity highlights Monaco’s ability to adapt and maintain an overall solid and diversified growth trajectory despite fluctuations in certain areas.
The key sectors of Monaco’s economy, including Scientific and Technical Activities, Administrative and Support Services, Financial and Insurance Activities, and Wholesale Trade, continue to play a central role in wealth creation. Their combined contribution to the GDP has further increased, now accounting for over half of the wealth generated in the Principality. This concentration emphasizes the strategic importance of these sectors as pillars of Monaco’s growth, attracting talent, capital, and innovation, thereby strengthening the territory’s economic resilience.
In 2023, Monaco’s GDP per capita approached €100,000, with a real growth of 2.4% over the year and an increase of more than 26% over the past decade.
For detailed figures and comparative tables, the full report on Monaco’s GDP in 2023 is available on the official IMSEE website (www.imsee.mc).
Source:
Gouvernement Monaco
