Monegasque economy holds up remarkably despite decline in foreign trade

The second quarter of 2025 paints a mixed picture of the Principality: turnover topping the symbolic €10 billion mark and a historically euphoric property market contrast with a decline in overseas trade.

A dynamic economy

According to the Bulletin de l’Économie for the 2nd quarter of 2025, published by IMSEE (Monegasque Institute of Statistics and Economic Studies), Monaco’s total turnover, excluding financial activities, rose by 2.3% to 10.02 billion euros in the second quarter of 2025. While the figure falls short of the record set in 2023, it bears witness to the remarkable resilience of the Monegasque economy. Scientific and technical activities jumped by 12.5%, boosted in particular by a consultancy firm whose income rose dramatically. The accommodation and catering sector continued its upward trend, with growth of 7.3%, double its annual growth rate.

Real estate beats all predictions

It is a golden age for the Monegasque property market. With 57 new-build transactions in the first half of the year – a record since 2006 – and sales totalling €2.5 billion, the sector has shattered previous ceilings. Sales of owned property were also strong, with 238 transactions (up 36.8%) worth over €1.5 billion, again reaching unprecedented levels.

International trade: Europe loses ground

Foreign trade excluding France fell by almost 10%, with a notable exception: trade with the European Union is now in the minority for the first time, dropping by 20%. This new geographic breakdown is accompanied by a change in the sectoral balance, with jewellery taking over from automotive products as the leading sector, up by more than 30%.

Monaco banks on attractiveness to boost economy

Employment passes a symbolic milestone

The private sector exceeded 66,000 jobs for the first time in the second quarter, with more than a thousand positions created in one year (+1.5%). The accommodation and catering sector is leading the way, with 479 additional jobs, while all the lights on the tourism dashboard are green: the hotel occupancy rate has climbed to 63.3% and the number of cruise passengers has jumped by 48.3%.

This mosaic of performances makes up a Monegasque economy which, despite international trade headwinds, is staying on course thanks to the strength of its flagship sectors and the undeniable appeal of its prestige property market.