Monaco produced €10.279 billion in gross domestic product in 2024, the first time output passed €10 billion. Growth was 11.1% in nominal terms and 8.8% in real terms after inflation, the fourth consecutive year of expansion. The figures come from IMSEE, the Monegasque Institute of Statistics and Economic Studies, which publishes the annual compendium Monaco en chiffres.

Population

Around 39,000 residents, the largest resident population on record
Density is roughly 18,700 people per square kilometre, the highest of any country
Monégasque nationals number under 10,000 and are a minority in their own country
French, Italian and British nationals are the largest foreign groups, and over 130 nationalities are present
Median age is 53.6 years, among the oldest recorded anywhere
Life expectancy at birth is 86.4 years, among the highest in the world

The workforce, larger than the population

Monaco holds roughly 63,000 jobs against fewer than 39,000 residents
Around 50,000 employees commute in daily, mostly from the French communes along the coast and some from Italy
Employment law gives hiring priority to Monégasque nationals, then to residents of the neighbouring French communes
The daytime population is therefore roughly double the resident population
Road and rail capacity into the Principality is the practical limit on this arrangement

What the economy produces

Services account for roughly 88% of output
Industry accounts for roughly 12%
Agriculture accounts for none, because there is no farmland

By sector

Financial and insurance activities. The largest single contributor, built on private banking and wealth management
Scientific, technical and administrative support services. The second cluster, serving the financial sector and the resident base
Wholesale trade. Roughly 10%
Construction. Roughly 9%, sustained by continuous rebuilding and reclamation on a territory that cannot expand outward
Real estate activities. Roughly 8%
Tourism. Close to 15% of annual revenue, counted across accommodation, retail, hospitality and events

Productivity

GDP per capita reached €107,213 in 2024, a record
GDP per employee reached €156,500
Both rose faster than headcount, so the growth came from higher-value activity rather than from hiring alone

Why the per capita figure varies by source

IMSEE reports roughly €107,000 per capita
The World Bank reports roughly $256,600 per capita
The gap comes from the denominator. IMSEE divides output across a broader base that reflects the working population, while the World Bank divides total output by the resident population alone
Monaco is the extreme case for this problem, because its workforce is larger than its population
Compare like with like, and state which basis a figure uses

Public finances

The state carries no public debt
Budgets have run in surplus in recent years
Revenue comes from value added tax, corporate tax on internationally trading companies, registration duties and state property income, not from personal income tax. See Monaco taxes
Value added tax collected on the French system is the single largest revenue line
The state holds substantial property directly, including a large share of the housing stock reserved for Monégasque nationals

The currency and monetary position

The currency is the euro, used under a monetary agreement with the European Union through France
Monaco mints its own euro coins in limited quantities
Monaco is not a member of the European Union and has no central bank
It participates in the customs union with France, so trade and value added tax follow French rules

Territory as an economic constraint

Land area is 2.08 square kilometres, and roughly a fifth of that has been reclaimed from the sea
Fontvieille added around 22 hectares in the 1970s
Mareterra added six hectares and was completed in 2024
Growth therefore comes from building upward, rebuilding at higher value, or reclaiming further
Fixed supply against sustained demand is what produces the world's highest property prices, covered in cost of living in Monaco

What Monaco does not publish

No unemployment rate
No inflation rate of its own, since prices follow the French index
No poverty rate
No Gini index
Cross-country comparisons using these indicators are therefore unavailable, and any source quoting them for Monaco is estimating

Using these figures

IMSEE is the primary source and publishes annually
Third-party aggregators commonly lag IMSEE by two or three years
Population figures differ between the UN series, IMSEE and commercial aggregators, and at least one commercial source reports decline while IMSEE reports a record high
Always state the source and the year alongside any Monaco figure

For how Monaco compares with other small high-income jurisdictions, see low tax countries.

Monaco

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Cost of living in Monaco

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