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10 November 2017

GDP 2016: Key results and commentary






Monaco’s GDP for 2016 was EUR 5.85 billion compared with EUR 5.64 billion in 2015. It recorded growth of +3.2% (in real terms, corrected for inflation, see table 1). 

TABLE 1: GDP in millions of euro and growth rate

Sources : INSEE, IMSEE Unité : million d’euros





The pace of growth has slowed in the Principality since 2013 (+3.2% in 2016), but remains above that of global GDP (+2.4%) and European Union GDP (+1.9%).

Growth in 2016 was entirely due to performance in two sectors in the Principality: Construction and Other Service Activities.

The three most important economic sectors in the Principality in terms of GDP are Financial and Insurance Activities; Scientific and Technical Activities, Administrative and Support Service Activities; and Construction. Together, these account for almost half (45.3%) of the wealth produced (see table 2).

TABLE 2: Nominal GDP by sector in millions of current euro

Source : IMSEE Unité : million d’euros









All components of GDP, excluding subsidies, made a positive contribution to the result (see table 3).

TABLE 3: Breakdown of nominal GDP in millions of current euro

Source : IMSEE Unité : million d’euros





For the fourth consecutive year, it was corporate gross operating surplus that experienced the highest increase, reaching EUR 2.57 billion and representing 43.9% of the wealth created. Gross operating surplus has dropped just three times since 2005, notably in 2009 following the global financial crisis.

Employment increased in 2016, across both the private and public sectors. A total of 491 additional jobs (+0.9%) were added during December. The amount of wages paid rose by 2.5%, representing almost half of GDP (47.4%). This corresponds to the share of annually created wealth which is redistributed in the form of salaries and social security contributions.

Taxes paid on products increased, but at a more moderate pace (+1.6%), contributing 12.7% of wealth produced. This increase is primarily due to transfer duties which rose by 23.3%.

The amount of subsidies increased (+1.4%) but at a lesser rate than in 2015 (+2.0%).

GDP per capita was EUR 72,091, a rise of 3.2% in real terms (see table 4), while GDP per employee, an indicator of productivity, rose by 2.2% to EUR 111,489 (see table 5).

TABLE 4: GDP per capita

Sources : INSEE, IMSEE





TABLE 5: GDP per employee

Sources : INSEE, IMSEE




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