MONACO – The Principality of Monaco ended the 2024 fiscal year with a robust budget surplus of €193 million, bolstered by record-breaking State revenues of €2.3 billion, according to the latest financial report released by IMSEE (Monaco Statistics). The strong performance underscores Monaco’s continued fiscal discipline and strategic revenue generation ahead of a dynamic 2025.
At the heart of this financial success was a remarkable 44% surge in corporate income tax revenue, contributing an additional €100 million to the State’s accounts. Although VAT remains the dominant source of government income—accounting for over half of total revenues—it was the steep rise in business profits that drove the year’s exceptional results.
Public spending was effectively contained, increasing by just under 3% to reach €2.1 billion. The bulk of this expenditure supported operational costs across various government departments and public services. Investment spending remained consistent, with figures appearing lower year-on-year due to an exceptional transaction in 2023 that had temporarily inflated the previous totals. Excluding this anomaly, investment would have grown by approximately 11%.
Monaco’s fiscal outlook continue to grow
In the real estate sector, revenue experienced a moderate decline following a particularly strong performance in 2023. However, the dip is largely attributable to the aforementioned one-off transaction. When adjusted, the property market appears relatively stable, despite some emerging signs of cooling.
Further enhancing Monaco’s fiscal outlook is the continued growth of the Constitutional Reserve Fund, the Principality’s sovereign wealth vehicle. The fund expanded by €280 million over the year, bringing its total value to €7.3 billion. This includes close to €500 million in gold reserves, €2.4 billion in financial investments and liquid assets, and €4.4 billion in real estate and state-held equity, including significant shares in Société des Bains de Mer (SBM) and Monaco Telecom.
Overall, the 2024 financial year positions Monaco on solid footing, demonstrating prudent fiscal management, healthy economic activity, and a resilient foundation for continued public investment and service delivery in 2025.
