By the end of Monaco’s third financial quarter, economic trends are mixed, according to a new report published by the Monegasque Institute of Statistics and Economic Studies (IMSEE) on 1 January 2026.
“The completion of major construction projects is weighing on employment and revenue,” says the new report, which outlines the financial period that ended in September 2025.
At a glance…
Turnover, imports, the number of jobs and number of hours worked are all down, according to the IMSEE report. Another negative is that business closures are up. Construction, wholesale trade and real estate are down in the third quarter. Exports and the number of employers remain level.
On the plus side, the three major tourism sectors are all up (occupancy rate, number of rooms occupied and number of cruise passengers). Trade balance and the number of new businesses are also up.
Turnover is down by over €300 million
By the end of September, the Principality’s revenue declined by €317.8 million, or 2.1%, compared to the third quarter of 2024 (this figure excludes financial and insurance activities).
Nevertheless, turnover still remained above €15 billion. While turnover from six major business sectors improved, five others declined, including Construction, which makes up a lot of the overall decrease.
The construction sector saw its revenue decrease by nearly €400 million, or 19.5%. At €1.6 billion, this is the lowest figure recorded in the last four years. This result stems from the slowdown in building construction, general masonry and structural work, following the completion of major projects in the Principality.
Wholesale trade also decreased by more than €100 million in the third quarter (-2.6%). This decline is directly attributable to petroleum product traders, whose numbers decreased by €128.8 million.
Real Estate is down…
The drop in revenue for property dealers (-€114 million) weighed on all real estate activities (-€70 million), despite a notable recovery in real estate agencies (+€34.8 million).
The Industrial sector’s results decreased by €46.7 million, attributed mostly to the manufacture of rubber and plastic products (-€45.7 million).
Tourism is significantly up…
Between January and September 2025, hotel activity saw a significant increase compared to the same period in 2024. The number of occupied rooms increased by 3.4%, with over 458,000 overnight stays recorded. The average length of stay increased slightly, from 2.6 to 2.7 days (+1.1%). As a result, the occupancy rate rose by 4.4% to reach 69.4%, indicating stronger occupancy.
The number of arrivals remained stable (273,265 people), but their composition changed: the proportion of visitors from countries outside the European Union increased by 1.8% to reach 49.2%.
