Monaco’s Resilient Economic Surge: Double-Digit Growth and Sector Dynamics Unveiled in 2022 GDP Report
Following a robust economic recovery in 2021, Monaco continues to demonstrate exceptional performance with double-digit growth, as highlighted in the recently published report on the Principality’s Gross Domestic Product (GDP) for the year 2022 by Monaco Statistics (IMSEE).
Monaco’s GDP for 2022 recorded a notable increase, reaching €8.34 billion, up from €7.29 billion in 2021. Adjusted for inflation, this signifies an 11.1% surge compared to the previous year, building on the substantial 21.9% growth witnessed in 2021. Over the past decade, the GDP exhibited a consistent annual average growth rate of 4.6%.
Economic disparities across various sectors persisted, with ten out of the 12 Major Economic Sectors in the Monegasque economy experiencing growth, and 11 surpassing pre-pandemic levels.
The three dominant sectors in terms of GDP—scientific and technical activities, administrative and support services; financial and insurance activities; and wholesale trade—remained unchanged, collectively contributing 49.1% to the wealth generated in the Principality in 2022.
Per capita GDP saw a substantial increase, reaching €91,353, reflecting a real growth of 8.2% for the year. Additionally, GDP per employee, serving as a productivity indicator, rose by 6.8% to €137,831 in 2022.
Examining Monaco’s GDP calculation approach more closely, the Gross Operating Surplus (GOS), defined as the productive income of companies, increased by 17.7% this year, constituting 45.8% of GDP (excluding subsidies)—maintaining its position as the largest contributor to GDP, although with a less pronounced increase than in 2021.
Employee remuneration, representing the portion of annually generated wealth redistributed as salaries and social security contributions, exhibited higher growth in 2022 compared to the previous year. Employee wages surpassed €3.5 billion, contributing 41.1% to GDP (excluding subsidies). The growth in employee wages outpaced the rise in the number of active employees.
Taxes on production experienced a 9.1% increase, reaching €1.15 billion, constituting 13.2% of GDP (excluding subsidies). Meanwhile, subsidies reached €399.5 million, reflecting a 5.1% increase, maintaining a constant growth rate excluding the impact of the health crisis.