Reaching a surplus of nearly 130 million euros at the end of 2023, the Monegasque State’s net income is considerably higher than the 32.2 million euro surplus recorded in 2022 thanks to the more significant increase in budgetary revenue compared to expenditure.

In a focus study published on Tuesday, May 7, the IMSEE announced 2197.3 million euros in revenues and 2071 million euros in expenses last year. Revenues increased by six percent over one year mainly as a result of greater commercial revenues, with VAT up 15.3 percent to 1,152.3 million euros. Real estate sales were a driving force in this performance.

Commercial profits grew by a third to 232.7 million euros. Meanwhile, a significant increase in ordinary expenditure was nearly offset by the reduction in equipment expenditure.

For the first time ever, the Constitutional Reserve Fund exceeded seven billion euros at the end of 2023, comprised of gold, finances and, in most part, an illiquid part standing at 4.4 billion euros. Buildings amount to two billion euros, while the State’s involvement in SBM, SMEAUX, SMEG and SEPM go a long way in making up the rest of the illiquid sum.

Featured image courtesy of Mathieu Stern