Monaco’s economy continues to defy international trends, reaching a new milestone in 2024 as its Gross Domestic Product (GDP) surpassed the symbolic threshold of €10 billion for the first time…
According to the Monegasque Institute of Statistics and Economic Studies (IMSEE), the Principality’s GDP totalled €10.3 billion last year, compared with €9.25 billion in 2023; an impressive 8.8 percent increase in real terms after adjusting for inflation. This record performance underscores Monaco’s strong post-pandemic recovery and the resilience of its economic model amid global uncertainty.
Between 2015 and 2024, Monaco’s GDP rose by 52.9 percent, representing an average annual growth rate of 4.8 percent, nearly double that of the global economy and almost four times higher than the euro area’s 13 percent over the same period. IMSEE’s report highlights that international trade grew by 12.2 percent in 2024, private sector employment increased by 5.5 percent, and state finances recorded another surplus, confirming broad-based economic strength.
The leading sectors contributing to GDP remain scientific and technical activities (23.5 percent), financial and insurance services (17.6 percent), and construction (9.6 percent), which overtook wholesale trade for the first time since 2020. Meanwhile, the hospitality sector also maintained robust momentum, with output rising 13.5 percent year-on-year.
Monaco’s GDP per capita exceeded €107,000, and GDP per employee reached €156,500, further widening the productivity gap with neighbouring economies. While the euro area continues to face sluggish growth, Monaco’s consistent economic expansion reflects its unique structure, diversified high-value industries, and strong international position.
These results, published by IMSEE on Monday 10th November, confirm that the Principality’s economy remains one of the most dynamic in Europe, setting a new benchmark for prosperity and resilience despite global headwinds.
