IMSEE reviews a somewhat weaker 2025 – and explains why this is not (too) worrying

On Tuesday, 23 June, at the Novotel Monte-Carlo, Alexandre Bubbio and his team presented the main economic indicators for 2025 to mark the publication of Monaco en Chiffres, the annual compendium that gathers all data collected and analysed by the Monegasque Institute of Statistics and Economic Studies (IMSEE). While many figures are down, primarily due to the completion of major projects such as Mareterra, they remain very positive and promising for the future.

In front of more than one hundred business leaders and institutional representatives, Alexandre Bubbio and four members of his team unveiled the key figures for 2025, some of which are lower than in the previous year. “It has to be said that 2024 was exceptional in many respects,” the IMSEE Director immediately qualified. Thus, while the State’s budget surplus remains high (179.7 million euros), it is lower than in 2024; however, the balance has been positive for the fifth year in a row (since the Covid period). As for total turnover, although down, it remains the third-highest level on record.

Foreign trade remains predominantly with Europe, but China is increasingly gaining ground among the Principality’s suppliers, now occupying fourth place after Italy, the United Kingdom, and Germany. For those interested in exploring Monaco’s international connections further, a new section on IMSEE’s website allows users to download country fact sheets. These sheets include information on the number of residents, employees, and individuals on company boards, as well as data on trade flow values, rankings, and types of exchanged goods.

Several of the Principality’s flagship themes were analysed in detail.

The real estate market has remained at a very high level for several years due to recent developments. These prestigious transactions have occasionally had a significant impact on the average price per square metre, skewing it due to a small number of exceptional deals. Consequently, IMSEE revised its calculation method: the price per square metre now considers not only resales but also first-time sales, as well as the properties' construction periods.

In tourism (which is not a stand-alone sector in the classification), trends are positive, with the hotel room occupancy rate up by 1%. Four nationalities account for almost half of all visitors, in order of importance: French, American, Italian and British. Turnover in accommodation and food service activities is up by 6.3% compared with 2024.

In contrast, construction and administrative support activities (including temporary work) have clearly been impacted by the cessation of major building sites. However, by emphasising the ten-year trend in turnover, the IMSEE team contextualised this decline, noting that the 2025 figure still surpasses any year prior to 2022.

The labour market experienced a slight decline of 0.7%, with 77,866 jobs, primarily due to sectors related to construction, while all other activities remained stable or increased. One of the new features in this edition of Monaco en Chiffres is the inclusion of wage data: the median gross monthly salary is 3,475 euros, and the average gross salary is 5,195 euros. The median salary is marginally higher for women than for men, but the gap reverses when considering the average salary, which is boosted by very high incomes predominantly earned by men.

Finally, the IMSEE Director concluded the presentation with early-2026 trends. These are broadly in line with 2025, with overall activity slightly down for the same reasons, affecting only a few well-identified sectors that had enjoyed several exceptional years in succession. Most other sectors continue to grow, including the new sector created as part of the change in activity nomenclature at the start of the year: Arts, sports and recreational activities, whose turnover rose by 5%. Key indicators confirming the Principality’s sound economic health remain employment (+2% compared with Q1 2025) and the balance between company creations and closures, which is clearly positive (+73).

Following the presentation, numerous questions sparked a lively and informative discussion. The exchanges continued over coffee, and participants left with a freshly printed copy of Monaco en Chiffres 2026.

The publication is available for purchase in print format for €15. Orders can be placed via IMSEE:
https://monentreprise.gouv.mc/thematiques/ecosysteme-des-entreprises/publications/acheter-le-monaco-en-chiffres

This new edition is also available for free download from the IMSEE website: https://imsee.mc/publications/monaco-en-chiffres-edition-2026

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Press contacts: Benoît Ulrich / Delphine Quilichini – presse@meb.mc

Photo credits:  Sébastien Darrasse / MEB