Presentation of the quarterly Economy Bulletin for Q4 2022

On Wednesday 15 March, the Minister of Finance and Economy, Jean Castellini and Alexandre Bubbio, Director of the Monegasque Institute of Statistics and Economic Studies (IMSEE) held a press conference regarding the Principality's Economy Bulletin for the fourth quarter of 2022.

In his introductory remarks, Jean Castellini welcomed the State budget surplus for 2022: “The surplus totals EUR 32 million. We can be proud of this amount, which represents a return to the levels seen in 2018. In 2023, we are going to continue along this path, with the trends set to be positive, thanks to contributions from business and leisure tourism. Upgraded forecasts for occupancy rates and average prices in the hotel industry offer reassurance that business performance will be better than last year. Already, we are recording forecasts of room occupancy rates close to 65% for April and May”.

Alexandre Bubbio then offered a sector-by-sector analysis of the last Quarterly Report for 2022. Last year, the Principality’s total trade, excluding France, posted a substantial increase of 18.0% compared with 2021, reaching a value of €3.5 billion. However, this amount remains below that seen before the crisis (€3.7 billion in 2019). Excluding France, Italy remained Monaco’s leading trading partner in 2022, accounting for 22.6% of trade. It was followed by Germany (12.3% of trade) and the United Kingdom (10.0%).

Monaco’s revenue continues to grow, nearing €19 billion by the end of 2022, an increase of €2.5 billion. It rose 15%, following a 15.6% rise the previous year. Although a price effect unquestionably played a part, this growth shows that the economic recovery continues. All major economic sectors have now exceeded their pre-pandemic performance.

The three leading contributors to growth in Monaco’s revenue are:

• Wholesale trade (€670.6 million or +12.8%)
• Scientific and technical activities, administrative and support services (€442.3 million or +16.0%)
• Construction (€313.4 million or +14.5%)
• The highest relative increase was observed in accommodation and food service activities (€288.4 million or +49.8%), confirming that it has bounced back compared with 2019