Monaco’s private sector added nearly 2,800 jobs over the first half of 2026, according to IMSEE’s latest Quarterly Economic Report, even as several key sectors, from foreign trade to overall business revenue, posted year-on-year declines compared to the same period in 2025.

Private-sector employment reached 69,529 jobs, a gain of 2,795 positions, or 4.2 percent, on the same point last year. Cumulative hours worked climbed to 53.5 million, up nearly 964,000 hours, while the number of employers rose slightly to 6,444, an increase of 48 over the period.

Foreign trade excluding France told a weaker story, with overall trade volume reaching €1.8 billion, down 6.1 percent, made up of €577.8 million in exports and €1.3 billion in imports.

Monaco’s broader business economy also cooled, with total revenue reaching €9.2 billion, a 9.6 percent decline. The picture varied considerably by sector: wholesale trade revenue rose to €2.7 billion, up €60.1 million, and retail trade climbed to €1.3 billion, up €125.1 million, while professional, scientific and technical activities fell sharply to €867.7 million, down €894.4 million. Monaco’s banking sector, meanwhile, continued to expand, with the Principality’s 31 banks now holding €189.7 billion in assets, up 11.5 percent. Business formation also remained healthy, with 171 net new establishments recorded, the result of 434 new company creations against 263 strike-offs.

Real estate activity saw the steepest contraction of any sector covered in the report. New home sales collapsed to just 4 transactions, down 93 percent, worth a combined €42.7 million, a 98.3 percent fall in value. Resales held far steadier, with 238 transactions, broadly flat year-on-year, though their combined value fell 21.2 percent to €1.2 billion.

Tourism remained relatively stable, with 275,032 occupied hotel rooms, down just 0.1 percent, and an occupancy rate of 62.3 percent. Cruise passenger numbers fell more noticeably, down 10.5 percent to 29,655.

Transport activity, by contrast, showed strong growth across the board. Helicopter movements rose 14.9 percent to 13,579, carrying 32,505 passengers, up 25.7 percent. New vehicle registrations fell 8.7 percent to 1,307, though ecological vehicles, defined as electric or petrol-electric hybrids emitting less than 98g of CO2 per kilometre, made up 38.7 percent of those new registrations. Used vehicle registrations held steady at 2,143, while public car park visits edged up 0.8 percent to 8.5 million.