Over €1 Billion increase in Monaco’s GDP in 2022

Monaco’s GDP amounted to 8.34 billion euros in 2022, compared to 7.29 billion in 2021, an increase of €1.05 billion, according to a new report published by the Monegasque Institute of Statistics and Economic Studies (IMSEE). Adjusted for inflation, that increase amounts to 11.1% compared to the previous year. After the strong growth of 21.9% in 2021, Monaco’s GDP increase remains at a very high level.

Almost double the worldwide increase over the past 10 years…

Over the past decade, the Principality’s GDP increased by almost 50% compared to around 10% in France and 27% worldwide.

In Monaco, the GDP is categorized as an income indicator and is divided into four components: Gross Operating Surplus (the profit of enterprises on the goods and services they produce after they have paid their workers) is up significantly again this year (+17.7%), although less than in 2021. It represents 45.8% of Monaco’s GDP excluding subsidies, making it the leading contributor to the GDP.

Wages contribute to over 40% of the GDP

Employee wages were higher in 2022 than in 2021. Wages amounted to more than 3.5 billion euros, contributing to 41.1% of the GDP.

Tax revenue increased by 9.1%, reaching 1.15 billion euros and accounting for 13.2% of the GDP. Subsidies reached 399.5 million euros (+5.1%), at a constant rate of growth (excluding the health crisis).

GDPs for 11 out of 12 sectors are higher than pre-pandemic levels

The GDPs for ten of the Major Sectors of Activity out of twelve that make up the Monegasque economy have increased compared to 2021 and eleven are higher than their pre-pandemic levels.

Almost half of the wealth created in the Principality in 2022 (49.1%) comes from scientific and technical activities, administrative and support services, financial and insurance activities and wholesale trade. The GDP “per capita” recorded growth of 8.2% this year, bringing it to 91,353 euros.