by Ilio Masprone – Knight of the Principality of Monaco for cultural merits
MONACO. Monaco is Ideally situated at the gateway to Europe and the crossroads of Asia and Africa. Monaco represents an International showcase: For over 150 years, the Principality has enjoyed a reputation, of course, for its unique location, but most of all for its high level expertise in a broad range of fields. People of more than 120 nationalities can be found in Monaco, making it truly a window on the world. Monaco also hosts numerous cultural and sporting events, on a level with the largest cities in the world. Around 5400 companies are located in Monaco. That represents more than 50000 jobs. It is the most dynamic source of employment in Southern Europe. Its economy is highly diversified. The GDP is generated by more than 10 different sectors. Most importantly, Monaco is one of the fastest growing economy, averaging a good 5% per year. Its GDP per capita is among the highest in the world, right behind Qatar and Luxembourg. Monaco is a highly accessible destination linked to France and the rest of Europe: Nice-Côte-d’Azur airport 22 km away (direct access by helicopter). Easy access via any other means of transport: air, see, road, rail. The Principality of Monaco, the world’s second smallest country by area, has an open economy that welcomes foreign investment. Monaco enjoys a high standard of living and low unemployment. Foreigners (and Monegasques) actually living and working in Monaco are not subject to personal income tax, with the exception of French citizens. Corporations may benefit from various tax incentives. There are no restrictions preventing foreigners and non-residents from buying property or opening bank or brokerage accounts in Monaco, though some banks have levied fees on American accounts. Non-residents likely account for more than half of real estate investments. Monaco is well known for its security and political stability.There is a high concentration of financial professionals in Monaco, as might be expected in this center of international business. French banking law applies in Monaco, subjecting banks to the same level of supervision as in France. Some 35 banks, 3 finance corporations, 62 mutual investment funds, and 51 portfolio management companies’ financial institutions operate in Monaco. Recent figures show that Monaco’s outsized financial sector manages well over EUR 750 billion for a clientele that is 46% non-resident. Around 5400 companies are located in Monaco. That represents more than 50000 jobs. It is the most dynamic source of employment in Southern Europe. Its economy is highly diversified. The GDP is generated by more than 10 different sectors. Most importantly, Monaco is one of the fastest growing economies, averaging a good 5% per year. Its GDP per capita is among the highest in the world, right behind Qatar and Luxembourg. In the fourth quarter of 2018, the Principality’s turnover, excluding financial and insurance activities, increased by EUR 402.4 million, or 2.9%. This was due to good performance in three sectors: scientific and technical activities, administrative and support services (+€157.6 million), real estate activities (+€151.8 million) and other service activities (+€133.6 million).With 55,427 jobs, and more than 2,000 additional jobs compared with December 2017, salaried employment in the private sector was up at the end of 2018. Temporary employment once again played a significant role in these figures.The number of businesses launched fell but the balance (launches minus closures) remains broadly positive (+299). In the tourism sector, the number of room nights increased, exceeding 570,000 rooms for the first time. The rise in the number of rooms available for sale, due to the partial reopening of the Hotel de Paris, led to a slight drop in the occupancy rate. The numbers of ports of call and cruise passengers rose, in particular from luxury liners. The property market experienced growth, with an increase in sales and resales. La Construction représente 14,3 % du PIB. Elle bénéficie d’opérations de promotions immobilières et enregistre de nouveau en 2016 une forte croissance (+16,7 %). Ce secteur confrme sa troisième place de contributeur au PIB.
For further information: http://www.montecarlotimes.eu/2019/01/10/monaco-economy-bulletin-3rd-quarter-2018/ and download Bulletin of the Economy for the 4th quarter of 2018