IMSEE Conference: Encouraging Figures

On Monday 23 June, at the Marius restaurant's Deck, Alexandre Bubbio and his team presented the key economic data from the latest edition of Monaco en Chiffres, an annual publication by the Monaco Statistics and Economic Studies Institute (IMSEE), to MEB members. The presentation was filled with valuable insights and information.

The Institute's Director started his presentation by highlighting macroeconomic data. Over the past decade, the Principality's GDP has grown by 46.3%, a significant achievement compared to global growth of 27%, the EU at 12%, and France at 10%. In 2024, the Monegasque budget showed a nearly 200-million-euro surplus. "From a ten-year view, the outlook is positive, with only one year in deficit—the Covid year," he noted. The Constitutional Reserve Fund has surpassed seven billion euros for the first time, a strong indicator of the Principality's financial stability, covering over three and a half years of government spending.

In 2024, real estate sales were notably strong, driven by the completion of the Mareterra district. The resale price per square metre hit a new high of €51,967, marking a 44.3% increase over the past decade.

Tourism also showed signs of recovery with rising numbers, though it has not yet returned to pre-COVID levels. "However, the promising early 2025 figures might suggest other emerging trends," noted Alexandre Bubbio.

The number of jobs grew by 30% over ten years, reaching 78,364 in 2024, with over 90% being salaried roles. Julie Marty, Research Officer, pointed out that the public sector accounts for less than 8%, compared to 22% in France. In the private sector, the gross median salary is 3,339 euros, while the average salary, which reflects more variability, stands at 4,931 euros. 

Another sign of ongoing change is foreign trade (excluding France), which rose by 12.2% compared to 2023. Although the Principality generally imports more than it exports, trade has more than doubled in ten years. Italy continues to be the main client and supplier. Benjamin Cauquil, a Research Officer, noted: "given the global geopolitical situation, it is important to highlight that exports to the United States make up only 5.2% of international transactions."

A particular emphasis was placed on Monaco's digital sector, which reached nearly one billion euros in turnover in 2024. Although half of the companies are in advertising and communication, ICT (Information and Communication Technologies) contributes the most to the activity and employs 75% of the workforce.

Pascal Ferry, Assistant Director, also noted that the census, now updated annually due to its new calculation method, was discussed. As of 31 December 2024, Monaco’s population reached 38,423 residents, including 9,262 Monegasques. This number is rising, in contrast to the French and Italians, whose proportions in the population are slightly decreasing and who rank next in nationality.

At the conference's conclusion, Alexandre Bubbio shared newly released bonus figures from the first quarter of 2025, confirming the positive growth trend of 2024. Notably, exports rose by over 30% compared to the same period in 2024. 

Another key point for all businesses is that the NAF classification (French activity codes) will be updated. While the format stays the same, all NAF codes will change. This transition is scheduled for January 2026, and IMSEE will assist all establishments in the Principality throughout this process.

After this informative presentation, participants could converse with the Institute's team and network over coffee. They departed with a printed copy of the latest Monaco en chiffres 2025.