After the strong economic recovery of 2021, Monaco stands out again with double-digit growth.

In 2022, Monaco’s GDP amounted to 8.34 billion euros, compared to 7.29 billion in 2021, according to figures released on Friday, November 10, by Monaco’s Statistical Office, IMSEE.

Adjusted for inflation, GDP increased by 11.1 percent compared to the previous year. It had already increased by 21.9 percent in 2021 following the worst period of the coronavirus pandemic.

Over a decade, GDP recorded a rate of average annual growth of 4.6 percent.

GDP per capita recorded real growth of 8.2 percent this year, which brings it at 91,353 euros. GDP per employee, an indicator of economic productivity, amounted to 137,831 euros in 2022, up 6.8 percent in volume. The payroll in 2023 amounted to more of 3.5 billion euros and contributed 41.1 percent to GDP excluding subsidies.

As every year, sectoral economic performances show strong disparities depending according to the field of activity. The GDP of ten major sectors, out of twelve that make up the Monegasque economy, progressed compared to the previous year and eleven are higher than their pre-crisis level. The three main sectors in terms of GDP remain unchanged.

In more detail, IMSEE reported that almost half of the wealth created in the Principality in 2022 (49.1%) came from scientific activities and technical, administrative and support services, financial and insurance activities and of Wholesale Trade.

PHOTO: The remodelled Cafe de Paris will reopen on Tuesday, November, no doubt contributing more to Monaco’s GDP in coming years Ian Brodie