The Principality’s Gross Domestic Product figures for the year 2021 published on Thursday, November 10, in the IMSEE’s annual report attest to the fact that the Monegasque economy has regained its dynamism.
Last year Monegasque GDP reached 7.27 billion euros. It stood at 6.60 billion in 2019 and 5.90 billion in 2020. After a sharp drop of 13.0 percent in 2020, it grew by 21.6 percent in 2021, and above all by 5.8 percent compared to compared to 2019 (in volume, corrected for inflation). In other words, the Principality’s economy has resumed its growth, with an annual average of +4.4 percent recorded over the decade.
However, the sectoral economic performance shows, as every year, strong differences depending on the field of activity. While the vast majority of Major Business Sectors (GSA) saw their GDP increase, four sectors did not return to their pre-pandemic level, in particular accommodation and catering, the sector most impacted by the health crisis, which, however, had the strongest relative growth compared to 2020 (+146 percent).
Major economic sectors (scientific and technical activities, administrative services and support activities, financial and insurance activities and wholesale trade) together represent almost the half (47.3 percent) of the wealth produced.
Per capita GDP rose to a record level of 81,710 euros and increased by 17.5 percent in volume compared to 2020 and 3.9 percent compared to 2019.
Finally, GDP per employee, an indicator of economic productivity, also shows an amount never before reached 125,121 euros, up 17.0% in volume compared to 2020 and 5.4 percent compared to 2019.