The Principality’s GDP reached a record level in 2018, at 6.09 billion euros against 5.69 billion euros in 2017, according to a report published on Tuesday, November 12.

The Monegasque Institute of Statistics and Economic Studies (IMSEE) said that all components of GDP are growing following a slowdown in the pace of growth, from +9.6 percent in 2013 to +3.5 percent in 2016 and -3.4 percent in 2017.

Employment continued to grow in both the private and public sectors in 2018, up by 3.7 percent in December.

Taxes paid on products rose rather strongly in value (+8.7%) and volume (+ 78%). They contribute 12.7% of the wealth produced. It is mainly the growth of VAT but also of transfer duties and real estate VAT that explain this increase, IMSEE said.

Overall growth is mainly driven by two sectors: Scientific and Technical Activities, Administrative and Support Services and Wholesale Trade. The three main economic sectors of the Principality, in terms of GDP, are Scientific and Technical Activities, Administrative and Support Services, Financial and Insurance Activities and Real Estate Activities. They account for almost half (43.9%) of the wealth produced.