Monaco’s economy delivered a timely reminder of its resilience in the first quarter of 2025, as total revenue (excluding financial and insurance activities) surpassed €5 billion for the first time; a 12.3% increase on the previous year…
The quarterly economy bulletin published by IMSEE shows that this growth was driven primarily by scientific and technical activities, with just two economic sectors reporting a decline in turnover.
Monaco’s foreign trade excluding France also grew by 2.1%, with exports surging by €73.5 million (+28.2%) while imports fell, narrowing the trade deficit by €126.5 million. The trade coverage ratio passed 50% for the first time. Notably, trade with the European Union fell below 50% of Monaco’s total trade volume for the first time, while trade with the UK, particularly in works of art and antiques, saw major growth.
The Principality’s real estate market set new records. New-build apartment sales, buoyed by deliveries at Mareterra and Bay House, reached €1.9 billion from just 42 transactions: an unprecedented quarterly figure. Resale values also hit a record, rising to €735 million.
Tourism continued to recover, with the hotel occupancy rate reaching 54%, exceeding pre-pandemic levels. Though arrivals dipped slightly, the longer average stay (+5.2%) contributed to a 10.7% increase in occupied rooms.
Private-sector employment declined by 1.3%, mostly due to a sharp drop in temporary work and a downturn in construction jobs. However, new business creation surged, particularly among non-commercial entities.
Meanwhile, car registrations fell by 12.2%, but ecological vehicles now account for 45.5% of new registrations. Public parking usage and helicopter passenger traffic both increased, reflecting robust local and regional mobility.
Overall, the first quarter results show Monaco entering 2025 with positive momentum in trade, real estate, and tourism, despite some pressure on employment.
Photo by Nick Karvounis
