Monaco Economy ‘Continues To Be Impacted,’ Says IMSEE Director

Monaco Economy ‘Continues To Be Impacted,’ Says IMSEE Director

Sophie Vincent, Jean Castellini and Didier Gamerdinger. Photo: Michael Alesi/DC

Earlier today, IMSEE revealed Monaco’s Economic Bulletin for the Q3 2020. Director Sophie Vincent said “the Monegasque economy, like the world, continues to be impacted by a health situation that remains fragile and uncertain. The data includes the summer period, which allowed certain indicators to recover. However, YTD data remains very down, penalized by the results of the second quarter.”

Minister of finance and economy Jean Castellini pointed out that “what is important today is the recovery plan with certain immediate effects, such as the €5.5 million injection into the economy through the red and white fund and the Carlo app, the continuation of CTTR to relieve businesses and the CARE—the Support Commission for Economic Recovery.”

Since January, compared to the same period in 2019, the country’s turnover has fallen by 11.5%, losing nearly €1.2 billion, although it remains at its 2016-2017 level, close to €10 billion. Two sectors are still standing: scientific and technical activities, and administrative and support services, as well as real estate activities.

Accommodation and restaurant industries saw turnover cut in half, while but wholesale and retail trade also registered a sharp decline. A 50% decrease in turnover was also noted is sporting, recreational, gambling, artistic and entertainment activities.

At the end of September 2020, there were some 4,500 fewer jobs compared to September 2019 (-7.7%) in the private sector, up from June 2020. There are 540 people unemployed currently.

328 businesses closed, compared to 374 in 2019, and there have been more business registered than shut down, even though there were fewer new companies in September.

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