Monaco’s economy demonstrated robust growth in 2023, marking the third consecutive year of solid expansion, according to the latest GDP report published by IMSEE. The report reveals that the Principality’s Gross Domestic Product reached 9.24 billion euros, up from 8.36 billion euros in 2022—a five percent increase after adjusting for inflation. This steady growth, although slightly lower than last year’s, underscores Monaco’s economic resilience and its sustained ability to generate and preserve long-term wealth despite global uncertainties.
Key economic indicators showed aligned progress, with significant increases in revenue, foreign trade, and salaried employment, reinforcing Monaco’s economic resilience and adaptability. Over the past decade, Monaco’s total economic output has surged by 46.5 percent, with an average annual growth rate of 4.3 percent.
In 2023, sector-specific growth varied widely, with year-on-year changes ranging from – six percent to + 30 percent across Monaco’s twelve major economic sectors. Seven of these sectors saw positive GDP growth, underscoring the strength and innovation in Monaco’s key industries, including Scientific and Technical Activities, Administrative and Support Services, Financial and Insurance Activities, and Wholesale Trade. Together, these sectors accounted for over half of Monaco’s total GDP, highlighting their strategic importance in driving growth and attracting talent, investment, and innovation to the Principality.
Monaco’s per capita GDP now approaches 100,000 euros, reflecting a 2.4 percent real growth rate over the year and more than 26 percent growth over the past decade. The full GDP report, complete with detailed figures and comparative tables, is available on the IMSEE website at www.imsee.mc.
