GDP figures for the first three months of 2021 – excluding financial and insurance activities – show a fall of 7.4 percent compared to the same period of 2020, Monaco’s statistical office reported on Tuesday, June 15.
The figure was 3.22 billion euros compared to last year’s 3.48 billion.
Worst hit was the real estate sector, where turnover fell by 41.3 percent, followed by dining and hospitality, down 40.1 percent. Monaco’s small manufacturing sector bucked the trend, with a 7.7 percent increase. Construction activity in the first quarter of 2021 was almost identical to that of the same period of 2020.
In its introduction to the report, published on Tuesday, June 15, IMSEE put the figures in context: “The first quarter of 2021 remains marked by the pandemic… In addition, it should be remembered that the first quarter of 2020 included two and a half months of full activity, and two weeks of total confinement.”