The second quarter of 2025 offers a snapshot of a Principality that continues to defy global headwinds. While Monaco recorded a decline in foreign trade, the domestic economy remains buoyant, with turnover surpassing the €10 billion mark and the property sector reaching historic highs.
A resilient economy
Figures from the Bulletin de l’Économie, published by the Monegasque Institute of Statistics and Economic Studies (IMSEE), show that total turnover excluding financial services rose by 2.3% to €10.02 billion. Although slightly below the record set in 2023, the results highlight Monaco’s ability to adapt in a challenging environment. Scientific and technical activities registered a sharp 12.5% increase, driven by consultancy services, while the accommodation and catering sector advanced 7.3%, doubling its annual growth rate.
Real estate at historic levels
If one sector stands out, it is real estate. With 57 new-build sales in the first half of the year—the highest figure since 2006—transactions reached €2.5 billion. Resales also surged, with 238 deals worth more than €1.5 billion, a 36.8% increase compared to last year. The market’s momentum underscores Monaco’s unique position as a global safe haven for property investment.
Shifts in international trade
Foreign trade excluding France fell by nearly 10%. For the first time, trade with the European Union dropped below 50%, falling 20%. Sectoral trends are also shifting, with jewellery and watchmaking overtaking automotive products as Monaco’s leading export category, rising more than 30%.
Employment and tourism on the rise
Employment hit a symbolic milestone, with private-sector jobs surpassing 66,000. The hospitality industry led job creation with 479 new roles. Tourism indicators also point upward: hotel occupancy reached 63.3%, while cruise passenger numbers surged by 48.3%.
Despite turbulent international markets, Monaco’s economy remains anchored by its strong domestic sectors, a booming property market, and its enduring appeal as a luxury destination.