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In brief

How are Monaco’s manufacturing industries faring?

Manufacturing accounted for just 3.4% of Monaco's GDP in 2022 - ┬ę All rights reserved

Business sentiment in the manufacturing sector rose by 11 points in December 2023.


This year’s survey of the manufacturing industry provides a modest assessment of the economic situation. The study, carried out by Monaco Statistics (IMSEE), covers all the Principality’s manufacturing and craft businesses. These include companies such as Soci├ęt├ę Mon├ęgasque du Caoutchouc and PG Plastic.

The study is compiled from a monthly questionnaire of about a dozen questions that is sent to company directors. The questionnaire illustrates the business climate as seen through the eyes of business leaders in the sector. It is made up of multiple-choice questions. As a result, respondents are asked not for quantitative data, but qualitative responses (up, down or stable) compared with a ‘normal’ month.

Despite an upturn in the business climate at the end of the year, the indicator fell from 114 to 95 between January and December 2023, a drop of 19 points. This standardised overall business climate indicator summarises the results of the survey. The higher it is, the more favourably manufacturers view the economic situation.

According to the study, the year-end upturn of 11 points between November and December 2023 is mainly due to an improvement in past and forecast production. In November, 72 more business leaders out of 100 answered “down” than “up” concerning output over the previous three months. The following month, there were 20 more downs than ups.

In terms of order books, opinions remain well below par.

As for prices, the balance of opinion shows an increase in past prices, but a significant fall in forecast prices.

In terms of employment, the results were below the average for the year. Past employment in industry stabilised at the end of the year, but forecast employment is slightly weaker. Manufacturing jobs account for only a small proportion of the Monegasque market, however. In fact, industry employs just 172 Principality residents, the lowest number apart from information and communication (118).

For more details, the results of the study can be found on the IMSEE website