The Financial Sector, Top Contributor to Monaco's GDP in 2025

Financial activities: 17.4% of the wealth created

Financial and insurance activities generate 17.4% of Monaco's GDP in 2025, up from 16.1% in 2016. They are ahead of professional, scientific and technical activities (15.4%, or €1.6 billion) and real estate activities (11.3%). Together, the top two sectors account for almost a third of GDP.

Growth driven by salaries, not by results

According to IMSEE, the increase in the financial sector is explained by higher employee compensation, particularly in monetary intermediation, that is, banking activity. Conversely, gross operating surplus (GOS) fell in this sub-sector, as it did across the sector as a whole.

In other words, the wealth created by financial activities is rising thanks to payroll rather than improved operating results. At this stage, the report does not detail the sector's growth rate in percentage terms or its employment.

Moderate growth in a contrasted year

At +1.7%, Monaco's growth slows sharply compared with 2024 (+8.8%). The completion of major construction projects weighed on private-sector turnover (-7.6%) and on its employment (-1.3%). Foreign trade fell by 4.8% in value.

Differences between sectors are marked: eight major sectors of activity grew, two were stable and four declined. Real estate activities jumped by 41.2% to reach €1.2 billion, driven mainly by the results of one property development company. Construction fell by 26.5%.

More productive employees, mostly non-residents

Employee compensation exceeds €4.5 billion (41.0% of GDP excluding subsidies) and rose by 3.1%, while the salaried population fell by 0.9%. Monaco has 65,117 active employees in 2025, 87.4% of whom live outside the Principality.

GDP per employee stands at €162,739, up 2.6% excluding inflation, compared with +1.0% in France. The gap with its neighbour reaches €46,000 and has almost doubled in ten years.

Key takeaways for the financial centre

Over ten years, Monaco's GDP has grown by more than 50%, compared with 27.8% for the world and 13.2% for the eurozone. The weight of the financial sector has gained more than one point of GDP since 2016 and the sector keeps first place, in an economy where four sectors account for more than half of the wealth created (52.7%). The breakdown of growth specific to banks and wealth management is not published in this report.

For an overview of the Monegasque economy, also read our article on NewsMonteCarlo (in French): PIB 2025 : une cinquième année consécutive de croissance.

Source: IMSEE, 2025 GDP Report; Government of the Principality.