Monaco’s GDP surpasses €10 billion for the first time
© Monaco Tribune
The Principality recorded economic growth of 8.8% in 2024, driven by business services and a booming construction sector, according to IMSEE.
Monaco’s gross domestic product reached €10.24 billion in 2024, crossing a symbolic threshold after four years of sustained recovery. Monaco Statistics (IMSEE) released the figures on Monday, confirming a remarkable trajectory since 2020, when GDP was slightly below €6 billion. Over the past five years, average annual growth adjusted for inflation has been around 12%. The 8.8% growth in 2024 represents almost three points more than the previous year. Employment in the private sector is following the same trend, up 5.5% to more than 60,400 employees.
Cross-border economic influence
Although Monaco has only 38,000 residents on its two-square-kilometre territory, its economic dynamism benefits neighbouring regions. Nearly 80% of the Principality’s private-sector employees live in the Alpes-Maritimes and 9% in Italy, making Monaco a key regional economic engine.
The scientific and technical activities, administrative and support services sector remains the main contributor, generating €2.4 billion in 2024 – nearly a quarter of GDP. This category includes business consulting, engineering, accounting, legal services, advertising agencies, administrative services, temp agencies, cleaning and security.
Financial and insurance activities ranked second with €1.8 billion. The accommodation and food services sector placed fifth with €828 million. Only retail trade recorded a decline, down 3.4% to €553 million.