Maritime economy now key sector in Monaco
The maritime economy encompasses many stakeholders - © MYS
Maritime activities as a whole account for almost 10% of the Principality’s turnover.
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In total, the maritime economy includes 635 businesses whose activities could not exist without the sea. The publication by Monaco Statistics (IMSEE), in partnership with the Department of Maritime Affairs, is based on figures for 2022. It is also the first study of its kind in Monaco.
1.8 billion euros in turnover
The statistics released by IMSEE demonstrate the leading position of the maritime economy in the Principality. In December 2022, the sector provided 3,268 jobs, representing 5.4% of private sector employment. The study also notes the dominance of the transport and storage sector. It represents over €900 million in turnover and employs no less than 50% of the workers in the maritime economy.
Yachting stands out
Yachting, which is part of the maritime economy, includes all activities related to pleasure boats and yachts. Among the 1.8 billion euros in the maritime sector, 550 million come from yachting, across 411 businesses. Most of this sum comes from wholesale trade, representing €308 million, or 56% of the sector. In terms of jobs, the yachting industry employs 1,429 people.