Forget recession fears! Monaco’s economic triumph sent a clear signal of its resilience in the first quarter of 2025, breaking all records and surpassing the €5 billion mark in total revenue, excluding financial and insurance activities. That’s an incredible 12.3% increase compared to the previous year, confirming the Principality’s undeniable momentum!
According to the latest economic bulletin published by IMSEE, this soaring growth was primarily driven by scientific and technical activities, with only two economic sectors reporting a slight decline in turnover.
Global trade and real estate – Monaco pushes the boundaries!
Monaco isn’t just thriving within its borders; it’s making waves on the global stage! Foreign trade, excluding that with France, grew by 2.1%. What’s truly impressive is the surge in exports by €73.5 million (+28.2%), while imports fell, narrowing the trade deficit by a significant €126.5 million. For the first time ever, the trade coverage ratio surpassed 50%! Interestingly, trade with the European Union fell below 50% of Monaco’s total trade volume for the first time, while trade with the UK, particularly in works of art and antiques, saw major growth.
The Principality’s real estate market set new, absolute records. New-build apartment sales, buoyed by deliveries at the Mareterra and Bay House projects, reached an astounding €1.9 billion from just 42 transactions – an unprecedented quarterly figure. Resale values also hit a record high, climbing to €735 million.
Tourism rebounds stronger, employment adapts
The tourism sector continues its robust recovery. Hotel occupancy rates hit 54%, exceeding pre-pandemic levels. Although arrivals dipped slightly, the longer average stay (+5.2%) contributed to an impressive 10.7% increase in occupied rooms.
Despite these positive trends, the private sector saw a modest 1.3% decline in employment, primarily due to a sharp drop in temporary work and a slowdown in construction jobs. However, new business creation surged, particularly among non-commercial entities, signaling the vitality of the entrepreneurial spirit.
Green future and enhanced mobility
While car registrations fell by 12.2%, ecological vehicles now account for an impressive 45.5% of all new registrations, indicating a growing environmental consciousness. Public parking usage and helicopter passenger traffic both increased, reflecting robust local and regional mobility.
Overall, the first quarter results show Monaco entering 2025 with incredibly positive momentum in trade, real estate, and tourism, despite some pressures on employment. The future of the Principality looks bright and prosperous!
