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by Zsolt Szemerszky

Zsolt Szemerszky

Real-Estate and Finance sectors performed extremely well in Monaco despite Covid-19

Real-Estate and Finance sectors performed extremely well in Monaco despite Covid-19

More than 100 real-estate transactions were carried out in the first quarter (25% increase). Please find below the Economic Results.

The first quarter of 2020 was characterised by the beginning of the Covid-19 health crisis and the resulting measures introduced by the Government to tackle it. The Monegasque economy, like the world’s economy, experienced a slowdown.

From 16 March, when the lockdown began, some sectors in the Principality, such as the hotel and restaurant industry, were almost completely halted, while others experienced reduced or almost normal levels of activity.

The results presented in this bulletin should therefore be viewed through the lens of these unprecedented circumstances.

Monaco Economy Bulletin
Q1 2020 Economy Bulletin, published by the IMSEE

After several years of rising strongly, the total volume of trade, excluding France, fell during Q1 2020 for the first time since 2016, to a level comparable to the earlier year.

At the end of March 2020, the Principality’s revenue, excluding financial and insurance activities, fell by EUR 84 million or 2.6% compared with 2019, to the same level as in 2017.

Employment indicators in the private sector were down at the end of Q1 2020 (3% fewer jobs).

The number of new businesses created fell compared with last year (-31.3%).

The key indicators for the hotel industry experienced a precipitous decline, as did cruise activity following the closure of territorial waters.

Only the property resale market remained highly dynamic, with more than 100 transactions completed during the quarter.

Recommended article: Latest Real-Estate trends in Monaco

The closure of car dealerships in mid-March led to a decline in registrations of new vehicles (-84), while the lockdown resulted in a reduction in the use of public car parks and less air traffic.

Click here to download the full report.

The figures in the Economy Bulletin, published by the IMSEE, are compared with those for the equivalent quarter of the previous year. Data is collected from State Services (including the Tax Department, Tourism, Budget and Treasury) Caisses Sociales de Monaco and the French Customs Statistical Information Centre.

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Interested in Relocation or Business formation in Monaco?

Zsolt Szemerszky is an independent Monaco Advocate & Revenue Specialist with 10 years experience in the Principality of Monaco. As an author of multiple books on Monaco, Zsolt is guiding new residents through the relocation process. He also helps businesses to navigate on Monaco's "water" and to create revenue productive strategies in order to capitalise their highest potentials.

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