Monaco’s economy grew to 6.63 billion euros in 2019 from 6.09 billion euros in 2018, the Monaco Statistics Office (IMSEE) said on Wednesday, November 11.

In its report on the economy, the office said that employment also grew over the year, with 1,564 more jobs at the end of the 12 months to December, a growth of 2.8 percent. The total paid in salaries rose by 4.6 percent over the year.

Gross domestic product per capita rose to 75,942 euros, or 5.8 percent over the 12 months.

Meanwhile, the sectors that contribute most to the local economy are scientific and technical services, administrative services, financial services – including banking, insurance and construction.

The Statistics Office said that the 2019 figures bear witness to the good health of the Principality’s economy.

However, the coronavirus crisis will have a major impact on the 2020 figures. As with other countries, the gross domestic product will be much lower in 2020, IMSEE warned.