The quarterly report just published by the Monaco Statistics Office (IMSEE) shows a record level of GDP at nearly €4.0 billion.

Needless to say, the latest figures also demonstrate a marked increase in turnover compared to the first quarter of 2021 (+€533.4 million or +15.6%).

While exports show modest growth (+€13.1m), imports increased sharply (+€90.2m) which has the systemic consequence of increasing the trade deficit (-€202.3 million). Two-thirds of sales are made to the European Union, but Monaco’s suppliers are mostly from outside the EU.

Italy, Monaco’s leading trading partner, represents a fifth of exchanges, primarily thanks to the clothing Industry, followed by Germany and the United Kingdom (respectively 11.6% and 7.0% of trade).

Particularly badly-hit by the health crisis, accommodation and catering recovered drastically (+€54.6 million or +77.3% over the year), but did not equal the 2019 result by a wide margin (€125.3m compared to €161.7m).