On 14 December, the Monaco Statistics Institute (IMSEE) published the 3rd-trimester economic report, prompting the government to discuss its recovery plan.
At the end of September 2020, Monaco’s private sector employed 4,500 fewer people compared with September of 2019, a significant rise from June 2020. According to Monaco’s Minister of Health and Social Affairs, Didier Gamerdinger, partial unemployment has helped soften the blow of the pandemic-induced economic crisis. “By the end of the year, the government will have given out 110 million euros in partial unemployment and other hardship funding, equivalent to 10% of its annual budget,” he said.
>> MORE ON THE TOPIC: Covid-19: Monaco prolongs unemployment benefits
In fact, thanks to generous business support measures, in 2020 the number of businesses delisting was lower than in 2019: 328 compared with 374. Moreover, there still is a balance between the number of businesses opening and closing, even if September saw a sharp drop in new businesses.
The pandemic will continue to impact Monaco’s economy
In 2020, Monaco’s turnover dropped by 15%. However, it is still around 10 billion euros, equivalent to the 2016-17 turnover. Sophie Vincent, director of the IMSEE, is categorical. “Monaco’s economy will continue to be affected by the pandemic,” she said. The 60% affluence rate of summer did little to catch up the losses of spring, and the annulment of the yacht show also took a toll on the country’s turnover.
>> MORE ON THE TOPIC: Philippe Ortelli (FEDEM): “Monaco will be able to pick itself up”
Meanwhile, Jean Castellini, Monaco’s Minister of Finance, urged “immediately tangible measures, such as injecting 5,5 million euros in the red and white funds”.