Monaco's statistics

Budget: Monaco’s Reserve Fund exceeds €7 billion for the first time

Monaco’s budget had a surplus of nearly €130 million at the end of 2023, according to a new report by the IMSEE (Monegasque Institute of Statistics and Economic Studies).

In 2023, government turnover grew faster than expenditures. As a result, the budget surplus increased compared to 2022 and reached €126.3 million. Expenses increased significantly at the end of the financial year (+13.5%, or +€143.0 million), but this was almost entirely offset by the reduction in equipment expenses (-11. 5%, or –€112.7 million).

State revenue approaches 2.2 billion euros

At nearly €2.2 billion, Monaco’s State turnover increased by €124.5 million in 2023 (+6.0%). This is mainly due to the €232.8 million increase in tax revenue, which includes commercial transactions (+€152.8 million, or +15.3%).

A reasonable increase in expenses

At the end of the 2023 financial year, budgetary expenditure increased moderately by €30.3 million (+1.5%). This is mainly explained by the €88.5 million more in public intervention expenditure. Operating expenses also increased (+€54.6 million), through “common expenses and service resources”. Conversely, equipment and investment expenditure decreased by €112.7 million.

Constitutional Reserve Fund exceeds 7 billion euros for the first time

At the end of December 2023, the amount of assets of the Constitutional Reserve Fund amounted to €7 billion. It is composed of: a gold reserve of around €343 million; €2.3 billion in financial investment securities (mutual funds, shares, bonds, etc.) and cash; a non-liquid amount of €4.4 billion (buildings, real estate properties in Monaco and neighbouring, etc.).

The vast majority of real estate owned by the Reserve Fund generates rental income, being occupied by businesses or individuals. Non-liquid assets also includes state participation in the capital of companies, such as the S.B.M. (64.2% of the capital) or other companies with direct links to the State, like SMEG, SMEAUX, the Société d’Exploitation du Grimaldi Forum, the Société d’Exploitation des Ports de Monaco, etc. The State’s participation in Monaco Télécom (50%) however falls under the accounting of the State Budget.

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