The Monegasque statistics institute IMSEE published its latest Economic Bulletin which revealed the results for the first quarter of 2020. Unsurprisingly, the Monegasque economy, like the world economy, has been strongly impacted by the COVID-19 pandemic.
At the end of March 2020, the Principality’s turnover, excluding the financial and insurance industries, fell by nearly 3% compared to 2019. Logically, the most significant decrease concerns the hotel and catering sector, with a 28.5% decrease. The same is true for transport and warehousing, with a drop of 18.7%, as well as retail trade (automobiles, clothing, jewelry), which fell by 11.3%. However, despite the COVID-19 crisis, other sectors saw their turnover increase, for example real estate, with an increase of 25%. Over 100 real estate transactions were completed in the first quarter.
Tourism takes a hard hit
The number of jobs in the private sector also fell slightly by 3% from the previous year, as did the number of hours worked, which fell by 5%. Here again, the most affected sector was the accommodation and catering sector, which lost 10% of its jobs and around 9% of the hours worked compared to the first quarter of 2019. The temporary work sector also lost suffered, with a decrease of 13.6% in the number of jobs.
Another sector hard hit by the health crisis is tourism. While the number of occupied rooms was stable in January and February, the rate fell sharply in March due to containment, dropping 41.7% from the previous year. Since early 2020, only one cruise ship has docked in Monaco in January, compared to five at the same period last year.