Alexandre Bubbio, the new Director of the Monegasque Institute for Statistics and Economic Studies (IMSEE), and his team, presented the key figures for 2021, a year of transition and recovery, to members of the Monaco Economic Board at the Novotel Monte-Carlo.

2021 was synonymous with recovery, Mr Bubbio said.

The state budget, after a deficit in 2020, a first in eight years, has gone back to black with a surplus of eight million euros.

However, economic activity has not completely returned to normal, as some sectors, in particular the hotel and catering industry, have had to wait longer to recover.

But for the majority, the rebound was significant, such as the retail trade which saw its turnover increase sharply compared to 2020 (+25.8%), with even an upward trend compared to 2019.

Another indicator of the Principality’s sustained performance, real estate: the average price per m2 of property resales amounted to 51,912 euros, up 9% compared to 2020. Over the period 2012-2021 the increase is 74.3%.

The recovery also affected employment. The number of employees in both the public and private sectors is on the rise, despite a hotel and restaurant sector still in difficulty during this period.

As of December 31, there were 58,087 salaried jobs in the Principality, a figure again higher than in 2019, a year that was successful and pre-covid.

Some seventy managers attended the presentation, which continued with cocktails.

PHOTO: Alexandre Bubbio, Director of IMSEE. MEB / Carte Blanche