The Principality’s coffers were boosted during the first quarter of 2020 by a 25 percent growth in total real estate sales revenues and a resultant increase in VAT contributions, despite the coronavirus crisis starting within the period.

The banking sector also did well, despite a decline in assets over the past twelve months of 1.3 percent. Deposits rose year-on-year by 5.4 percent and the value of loans by 8.2 percent. The Minister of Finance and Economy said that “the Monegasque banking and financial centre is solid.”

The sound performance of both sectors in the first three months has raised hopes that the trend continued during the second quarter. Real estate and finance could be very beneficial for the next state budget, which will have to suffer an abysmal deficit of 477 million euros, the Government said.