A publication reveals a gloomy first quarter for the Monegasque economy


The economic figures for the first quarter of 2020 were released recently and the results are dismal, and that’s understandable. Because the first quarter of 2020 was marked by the start of the COVID-19 crisis, the Monegasque economy, like the rest of the world, was forced to slow down. The results, published in an economic bulletin of the IMSEE *, reflect a unique situation created by the global pandemic.

Economic figures relate to sectors such as tourism, real estate, commerce and finance. From March 16, date of the start of confinement in the Principality, certain activities such as stays in hotels and outings to restaurants were almost stopped, other areas saw their activity reduced (building, industry) while other businesses functioned normally (essential businesses, banks and insurance companies).

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Monaco’s turnover, trade and employment are all down

At the end of March 2020, the Principality’s turnover, excluding financial and insurance activities, was down (- € 84m or -2.6%) compared to 2019 and returned to its 2017 levels. Trade is declining for the first time since 2016. Employment is down in the private sector (-3% of jobs).

Monaco's devastating first quarter 2020 economic results
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Tourism takes a big hit

Tourism figures fell sharply this quarter. The number of arrivals decreased (-18,772). The occupancy rate was stable in January and February, but fell in March (-41.7%). The number of arrivals from the European Union registered a slight increase over the whole of this first quarter (+ 1.4%), although it collapsed in March (-84.4%) . There was only one cruise ship stopover in January. No stopover was planned in February and the closure of Monegasque ports in mid-March did not allow the cruise sector to catch up with its delay compared to 2019. Hotel industry indicators also fell sharply.

Monaco's devastating first quarter 2020 economic results
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Real estate resales remain stable

Only the real estate resale market remains very dynamic. In fact, more than 100 transactions were completed this quarter.

* The figures from the Economic Bulletin, published by IMSEE, are compared with those for the equivalent quarter of the previous year. The data are collected from the State Services (including the Directorate of Taxes, Tourism, Budget and Treasury), the Monaco Social Funds and the Customs Statistical Information Center.