Monaco's GDP in 2025: 10.6 billion euros and a fifth year of growth
Monaco's gross domestic product (GDP) reached 10.6 billion euros in 2025, according to the report published on 11 November 2026 by the Monaco Statistics Institute (IMSEE). Adjusted for inflation, it grew by 1.7% year on year: this is the fifth consecutive year of growth, but a sharp slowdown after the 8.8% rise recorded in 2024.
Over ten years, Monaco's economy has grown by 51.3% in volume, far faster than the euro area and France. Financial and insurance activities, professional, scientific and technical activities, and real estate remain the three sectors that contribute most to GDP.
Key figures for GDP in 2025
| Indicator | 2025 |
|---|---|
| GDP (current euros) | 10.6 billion euros (10.3 billion in 2024) |
| Real growth, excluding inflation | +1.7% (+8.8% in 2024) |
| Growth over ten years (2016-2025) | +51.3% in volume, an average of 4.7% per year |
| GDP "per capita" | 110,669 euros (+1.9%) |
| GDP per employee | 162,739 euros (+2.6%) |
| Leading sector | Financial and insurance activities, 17.4% of GDP |
More moderate growth than in 2024
In current euros, GDP rose by 294.2 million euros compared with 2024. After adjusting for inflation, real growth stands at 1.7%. IMSEE attributes this slowdown to the completion of major construction projects: in 2025, the turnover of businesses in the Principality, excluding financial and insurance activities, fell by 7.6% and private-sector employment by 1.3%. Monaco's external trade, excluding trade with France, also fell by 4.8% in value, reflecting a contraction in trade with the European Union.
The institute stresses that these indicators nevertheless remain at historically high levels. By way of comparison, according to World Bank data cited by IMSEE, global growth was 2.9% in 2025, euro area growth 1.4% and French growth 0.8%.
More than 50% growth in ten years
Over the decade, Monaco's trajectory stands out clearly from that of its neighbours:
| Area | GDP growth in volume, 2016-2025 |
|---|---|
| Monaco | +51.3% |
| World | +27.8% |
| Euro area | +13.2% |
| France | +11.4% |
According to the report, since the health crisis average annual growth has been close to 10%, for a real increase of around 60%. This pace includes the post-crisis rebound.
Where does the wealth created come from?
In Monaco, GDP is calculated using the "income approach": it adds up the income generated by economic activity, then subtracts public subsidies. In 2025, it breaks down as follows, with shares calculated on GDP before subsidies are deducted:
- gross operating surplus, which IMSEE equates to the productive income of businesses: more than 5 billion euros (+4.6%), or 46.4% of GDP excluding subsidies
- compensation of employees, wages and contributions: more than 4.5 billion euros (+3.1%), or 41.0%, even though the number of employees fell by 0.9%
- taxes on production, including VAT: 1.4 billion euros (-4.1%), or 12.5%, a decline linked to lower turnover
- subsidies paid by the State, deducted from the total: 513.3 million euros (+2.1%), more than double the 2016 amount
The sectors that weigh the most
Four major sectors of activity alone generate 52.7% of the wealth created in the Principality:
| Sector | Share of GDP in 2025, by value |
|---|---|
| Financial and insurance activities | 17.4% |
| Professional, scientific and technical activities | 15.4% |
| Real estate activities | 11.3% |
| Accommodation and food services | 8.6% |
With 1.8 billion euros, finance records the highest GDP, driven by higher pay, particularly in monetary intermediation. Professional, scientific and technical activities, which include legal activities and head offices, have been stable for three years at 1.6 billion euros. Real estate shows the strongest increase: +41.2% in current euros in 2025, after +26.8% in 2024, exceeding 1.2 billion euros. IMSEE notes that this momentum is mainly driven by the results of one property development company.
Sectors on the rise and in decline
Of fourteen major sectors of activity, eight grew, two were stable and four declined. The changes cited here are in current euros, without adjusting for inflation. Among the increases, health, education and public administration gained 11.3%, and accommodation and food services 9.0%.
The declines mainly affect sectors linked to construction projects. Construction lost 26.5% of wealth created, and administrative and support service activities, which include temporary employment, 7.1%. Arts, sports and recreation fell by 17.2%, partly due to lower results at three sports entities, and other service activities by 13.6%.
A decade of change
In 2016, real estate was the largest contributor to GDP. Despite its strong recent growth, its weight has fallen by 6.0 points in ten years, mainly to the benefit of professional, scientific and technical activities (+6.1 points). Accommodation and food services have also gained ground, rising from 6.1% to 8.6% of GDP.
GDP "per capita" and GDP per employee: two indicators specific to Monaco
Monaco had 38,857 residents in 2025, for 65,117 active employees, 87.4% of whom live outside the Principality. This situation, which IMSEE describes as "highly singular, even unique in the world", makes conventional GDP per inhabitant of little relevance.
The institute therefore calculates a GDP "per capita" based on a reference population of 95,755 people: residents plus non-resident employees. It reached 110,669 euros in 2025, up 1.9% excluding inflation, and by almost 30% since 2016. This figure relates the wealth produced to this reference population: it corresponds neither to the average income of residents nor to their wealth, and international comparisons should be read with caution.
GDP per employee, which relates the wealth created to the number of employees, stands at 162,739 euros, up 2.6%. It is 46,000 euros higher than in France, a gap that has almost doubled in ten years. IMSEE specifies that this comparison does not measure a productivity gap between the two countries.
What you need to know about the methodology
- Monaco's GDP has been calculated since 2005. IMSEE, created in 2011, is responsible for it.
- Monaco follows the 1995 European System of Accounts rather than its 2010 version, as it does not have complete national accounts. Some items, such as imputed rents of owner-occupiers, are not taken into account, which according to IMSEE leads to an underestimation of GDP.
- Inflation is adjusted using the price index published by Insee for France.
- Since the NAF 2025 classification of activities came into force on 1 January 2026, sectors have been redefined and recalculated back to 2010. Sector figures are therefore not comparable with those of previous reports.
- The previous year's figures are revised every year using late returns. In 2025, 78.3% of the 12,451 company files concerned were processed.
To go further, our overview of the key sectors of Monaco's economy presents companies by field of activity. KaliDirectory lists in particular businesses in finance and wealth management, real estate, law, accounting and expertise and tourism and hospitality. The listing of the Monaco Statistics Institute provides its contact details.
