On Monday 22 March, Sophie Vincent, Director of Monaco Statistics (IMSEE), presented and analysed for the press a report on the economy in 2020. Minister of Finance and Economy Jean Castellini and Minister of Health and Social Affairs Didier Gamerdinger, who also attended the briefing, offered a reminder of the measures taken by the State to support the Principality’s economy and put it on the road to recovery.
Unsurprisingly, 2020 will be recorded as a sadly exceptional year for the economy. While circumstances during the summer and again over the end-of-year festive period enabled activity to resume and most economic indicators to recover, annual figures are down, adversely hit by performance in the second quarter.
- Total foreign trade, excluding France, fell by 38% compared with 2019, returning to a level last seen in 2016;
- Revenue dropped by €1.18 billion (-7.8%). Accommodation and food service activities (-48.1%) and other service activities (-40.9%) saw the most marked declines. Wholesale trade posted the highest total deficit (-€579 million);
- Private-sector employment in December was down 2.7% compared with the same month in 2019. Overall, 14 million fewer hours were worked than last year, with the total falling to 80 million in 2020 from 94 million in 2019;
- The balance of new businesses started minus businesses which closed shrank sharply: over the course of the year, fewer businesses were started but the number of businesses closed also fell, though to a lesser extent;
- The hotel occupancy rate was 28.5% compared with 65.9% last year;
- There was a decline in the real estate market during the year (both sales and resales);
- Regarding transport, air traffic fell precipitously, in terms of both flights and passenger numbers. The number of new vehicles registered was also down, as was use of public car parks.
The Quarterly Economy Bulletin is available online at monacostatistics.mc