The Monegasque Institute of Statistics and Economic Studies (IMSEE) has just published Monaco’s second semester’s economic outcome. Following a lockdown and a difficult tourist season, there is talk of “economic under-performance”.
By the end of June 2020, the Principality’s turnover had shrunk by 13%. The drop represents almost a billion euros in losses compared to the same period in 2019. A few sectors are on the rise. Monaco’s scientific and technological industry is up, and so are administrative and support services (+37,5%) as well the construction sector (+2.1%). However, the restaurant and hotels saw a 60% drop in revenue; wholesale trade fell by 19.4% and retail by 23.8%. Industry saw a 23.1% drop.
The job market is growing
June 2020 saw 8,000 fewer jobs than June 2019 (a 13.8% drop). Restaurants and hotels are naturally the most affected, with a 36.4% drop. However, when looking at the situation post-lockdown, we notice a rise in job offers. Between May June 2020, employee numbers in Monaco rose by 13.2%.
The government has implemented several measures aiming to reduce the effects of Coronavirus upon Monaco’s economy, including a 75 million euros recovery plan. More recently, five new measures were introduced to help workers affected by the pandemic. The new measures concern Monaco’s yachting industry.