MONACO RESEARCH OBSERVATORY
MONACO DATA OBSERVATORY · MONACO IN FIGURES
Activities, employment and visitor expenditure in Monaco’s economy.
Main data: 2025. GDP: 2024. Documentary cut-off: 4 October 2026.
This page examines how tourism-related activities fit into Monaco’s economic structure. Sectoral statistics describe establishments, workers, jobs, turnover and GDP by activity, but they do not automatically measure the tourism economy. The main reference is IMSEE, using economic and employment data for 2025, GDP for 2024, and the official 2025 visitor expenditure survey. The survey identifies tourism demand through an explicit definition and estimation procedure. Its results are kept separate from business registers and data for a private corporate group. The analysis also distinguishes current from constant prices, calendar years from financial years, and sector classifications before and after NAF 2025. Its aim is to show which relationships can be documented without attributing all restaurant, retail, transport or leisure activity to tourism.
METHOD · A CENTRAL DISTINCTION
An activity may be related to tourism without all of its economic activity being attributable to tourism. The official survey estimates direct visitor expenditure; sector accounts measure economic activity. Sectors are not added together to manufacture a “tourism GDP” figure.
On mobile devices, scroll wide tables horizontally to view all columns. M€ means millions of euros.
01 · Key figures
NATIONAL GDP 10.279 M€ at current prices · 2024 National economy. Published real growth is 8,8 %. | DIRECT VISITOR EXPENDITURE 1.353 estimated M€ · 2025 IMSEE/DTC survey, adjusted and extrapolated. It does not measure GDP or value added. |
SECTOR EMPLOYEES 8.988 weighted employees · December 2025 Accommodation and food services. The classification includes gaming staff employed by a major operator. | SECTOR TURNOVER 1.140,2 M€ at current prices · 2025 Accommodation and food services. Sector sales, not identified tourist expenditure. |
SECTOR ESTABLISHMENTS 314 active establishments · 2025 Accommodation and food services; NIS register. These are not 314 hotels. | PRIVATE-SECTOR JOBS 64.770 jobs · December 2025 Worker–employer pairs. The number of private-sector employees is 59.724. |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. pp. 63, 67, 69–71 (PDF 3, 7, 9–11). Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4, 5 and employment note. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
02 · What part of tourism is measured directly?
DATA. The IMSEE and Tourism and Convention Authority survey estimates direct visitor expenditure in 2025. It is an official demand-specific measurement with an explicit target population. This research has not located a published Tourism Satellite Account or an equivalently verifiable estimate of total tourism GDP, value added or employment. This describes the scope of the sources consulted; it does not prove that no other study has ever been undertaken.
| Measurement | Search findings | Scope |
|---|---|---|
| Direct visitor expenditure | 2025 official survey available | Estimate of demand within the territory. |
| Total tourism GDP or value added | Not identified with sufficient methodology | Not reconstructed by adding sectors. |
| Total tourism employment | Not identified with visitor attribution | Sectoral employment is reported under its own definition. |
| Event impacts | Official 2017 Grand Prix study | A historical case with its own methodology, not a current annual indicator. |
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
E08 · IMSEE. Economic Effects of the 2017 Grand Prix in the Principality. pp. 15–19. Period: 2017 Grand Prix. Accessed: 03–04-10-2026. View original source.
METHOD · WHO COUNTS AS A VISITOR
The survey includes people who neither live nor work in Monaco, spend fewer than 30 days per year and more than two hours on a given day in the Principality. Tourists stay overnight in Monaco; same-day visitors sleep elsewhere. The survey collected 6.878 questionnaires representing 17.473 people: these were not 17.473 independent interviews. The questionnaire asks about expenditure already made or planned. Estimates are adjusted using hotel arrivals and mobile-phone data. Sources: E06, pp. 3 and 16–20.
Estimated expenditure by category
| Expenditure category | 2025 (M€) | Published share |
|---|---|---|
| Food and beverages | 422 | 31,2 % |
| Accommodation | 386 | 28,6 % |
| Shopping | 298 | 22,0 % |
| Leisure | 180 | 13,3 % |
| Transport | 36 | 2,7 % |
| Other expenditure | 31 | 2,3 % |
| Total | 1.353 | 100 % |
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. p. 15, Table 14; methodology pp. 16–20. Period: 2025. Accessed: 03–04-10-2026. View original source.
| Food and beverages | 422 M€ | |
| Accommodation | 386 M€ | |
| Shopping | 298 M€ | |
| Leisure | 180 M€ | |
| Transport | 36 M€ | |
| Other expenditure | 31 M€ |
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. p. 15, Table 14. Period: 2025. Accessed: 03–04-10-2026. View original source.
INTERPRETATION. Food and beverages, accommodation and shopping account for the largest shares of estimated expenditure. Here, the visitor origin of demand is identified. However, the survey’s spending categories do not replicate NAF economic sectors: for example, a restaurant within a hotel may be classified under accommodation.
SURVEY CAVEATS
Rounded expenditure shares add up to 100,1 %. Furthermore, Table 15 assigns 523 M€ to same-day visitors, whereas the text states 522 M€. The official total of 1.353 M€ is retained and the discrepancy is documented; no independent correction is imposed. The published combined figure for accommodation and food is 809 M€, although the two displayed components add up to 808 M€, a difference consistent with rounding. Source: E06, p. 15.
Official comparisons with turnover
| Published comparison | 2025 | How to interpret it |
|---|---|---|
| Direct visitor expenditure / total turnover excluding finance and insurance | 6,8 % | Ratio of estimated spending to reported sales; not a percentage of GDP. |
| Accommodation and food expenditure / turnover in the corresponding sector | 70,9 % | An indicative comparison in the source; spending categories and sectoral boundaries are not identical. |
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. p. 15, explanatory text. Period: 2025. Accessed: 03–04-10-2026. View original source.
These ratios are not applied as coefficients to employment or GDP. Nor is the remainder up to 100 % automatically converted into a separate estimate of resident demand. No tourism share is calculated by using 2024 GDP as the denominator for 2025 expenditure.
03 · Economic structure
DATA. Monaco’s national GDP in 2024 was 10.279,0 M€ at current prices. The following breakdown retains the twelve major sectors from the GDP report. This classification predates the fourteen groups used for 2025 sectoral indicators published in 2026.
| GDP report sector | Nominal GDP 2024 (M€) |
|---|---|
| Scientific and technical activities; administrative and support services | 2.416,5 |
| Finance and insurance | 1.804,1 |
| Construction | 984,5 |
| Wholesale trade | 879,3 |
| Accommodation and food services | 828,8 |
| Administration, education, health and social services | 755,0 |
| Real estate activities | 635,7 |
| Retail trade | 553,9 |
| Other services | 462,8 |
| Information and communication | 361,7 |
| Manufacturing, extractive and other industries | 330,9 |
| Transport and storage | 265,8 |
| Total | 10.279,0 |
E03 · IMSEE. Gross Domestic Product 2024. p. 7, Table 4; cross-check E01, p. 87. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
METHOD · GDP AND VALUE ADDED
Monaco calculates GDP using the income approach: compensation of employees, operating surplus and mixed income, production taxes and subsidies. The publication continues to refer to ESA 1995 and explains its limitations, including the absence of imputed rents. The 828,8 M€ attributed to accommodation and food services is labelled sectoral GDP, as in the source; it is not relabelled as pure value added or tourism GDP. Source: E03, pp. 7 and 12–17.
04 · Accommodation and food services within the economy
| Variable | Sector | Compatible denominator | MRO share |
|---|---|---|---|
| Active establishments, 2025 | 314 | 12.514 NIS establishments | 2,51 % |
| Private-sector employees, December 2025 | 8.988 | 59.724 persons | 15,05 % |
| Turnover, 2025 | 1.140,2 M€ | 19.874,4 M€; excluding finance and insurance | 5,74 % |
| Sectoral GDP, 2024 | 828,8 M€ | 10.279,0 M€ of national GDP | 8,06 % |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4, 5 and employment note. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
Calculation: Monaco Research Observatory, based on the cited data. Formulas, inputs and exact results appear in the methodological notes.
INTERPRETATION. The sector accounts for a greater share of private-sector employees than of establishments. These four proportions address different questions and do not all refer to the same year. They are not four alternative estimates of tourism’s economic weight.
Official sector breakdown
| Division | Establishments 2025 | Employees 2025 | Turnover 2025 (M€) |
|---|---|---|---|
| Accommodation | 15 | 6.190 | 812,3 |
| Food services | 299 | 2.798 | 327,8 |
| Published total | 314 | 8.988 | 1.140,2 |
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4 and 5. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
METHOD · TWO NECESSARY CAVEATS
Hotel restaurants are classified under accommodation. Moreover, a major operator groups gaming, hotel and restaurant employees in this sector, so its workforce does not consist solely of hotel or restaurant occupations. Turnover subtotals add up to 1.140,1 M€ against a published total of 1.140,2 M€, a residual compatible with rounding. The published total is not changed.
05 · Employment: persons, jobs and residence
| Year-end 2025 indicator | Value | Unit |
|---|---|---|
| Private-sector employees | 59.724 | Persons apportioned among employers according to hours worked in sector breakdowns. |
| Private-sector employee jobs | 64.770 | Person–employer pairs. |
| Public-sector jobs | 5.393 | By convention, one job equals one employee. |
| Self-employed jobs | 7.703 | Self-employed person–activity pairs. |
| Total jobs | 77.866 | Employee and self-employed jobs. |
| Private-sector jobs in accommodation and food services | 9.346 | Person–employer pairs in the sector. |
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. pp. 63, 67, 69–71 (PDF 3, 7, 9–11). Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
CALCULATION. The 9.346 jobs in accommodation and food services account for 14,43 % of the 64.770 private-sector jobs. This share uses jobs in both numerator and denominator. The employee share in the preceding section uses weighted persons; the two measures must not be mixed. Source: E02, p. 71; calculation C005.
Private-sector employees by sector · 2025
| Administrative and support services | 9.627 | |
| Accommodation and food services | 8.988 | |
| Construction | 6.245 | |
| Health, education and administration | 4.683 | |
| Professional, scientific and technical activities | 4.652 | |
| Finance and insurance | 4.621 | |
| Other services | 4.284 | |
| Retail trade | 3.070 | |
| Wholesale trade | 2.792 | |
| Arts, sports and recreation | 2.583 | |
| Industry, manufacturing and crafts | 2.513 | |
| Transport and storage | 2.070 | |
| Real estate activities | 1.904 | |
| Computing, telecommunications and media | 1.694 |
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. p. 7, Table 2; definitions p. 34. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
The fourteen rounded sector values total 59.726, compared with 59.724 persons overall. Allocation weighted by hours and presentation as whole numbers may result in rounding discrepancies. The published total is retained. These figures are not full-time equivalents.
Private-sector employees by residence
| Residence | Persons · December 2025 |
|---|---|
| Monaco | 5.975 |
| France | 48.021 |
| Italy | 4.916 |
| Other countries | 8 |
| Not specified | 804 |
| Total | 59.724 |
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. p. 69, residence table. Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
INTERPRETATION. The labour market extends beyond the resident population. Place of residence does not measure nationality, daily physical presence or tourism demand. The source’s graphical percentages exclude cases with unknown residence; complete counts are shown here so that the denominator change remains visible.
06 · Enterprises and establishments
An enterprise is an organisational unit of production; an establishment is a production unit affiliated with an enterprise and distinguished by its activity or location. The general NIS register and the Trade and Industry Register (RCI) cover different populations. The sector’s share of establishments is calculated exclusively against the NIS total in the same table.
| Register / indicator | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Active RCI enterprises | 6.920 | 7.119 | 7.262 | 7.322 | 7.414 |
| Active RCI establishments | 7.492 | 7.699 | 7.844 | 7.888 | 7.998 |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. p. 101, RCI tables and definitions. Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
| Changes during 2025 | New registrations | Closures | Population |
|---|---|---|---|
| All establishments | 1.070 | 623 | NIS, except civil companies. |
| Accommodation and food services | 30 | 20 | Sector establishments; permanent closures. |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4, 5 and employment note. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
Business births and closures are annual flows. They are not equivalent to the number of active enterprises, employers or people hired. Accommodation and food services had 191 private-sector employers in 2025; this unit also differs from the sector’s 314 establishments. Source: E04, Tables 1 and 5.
07 · Turnover and economic activity
DATA. Comparable total turnover fell from 21.507,1 M€ in 2024 to 19.874,4 M€ in 2025. Both figures exclude finance and insurance and come from the same recalculated classification. Amounts are stated in current euros; their changes have not been adjusted for inflation.
| Sector | 2024 (M€) | 2025 (M€) |
|---|---|---|
| Wholesale trade | 5.417,7 | 5.249,0 |
| Professional, scientific and technical activities | 3.522,5 | 2.913,4 |
| Retail trade | 2.336,8 | 2.479,6 |
| Construction | 2.735,0 | 1.748,4 |
| Administrative and support services | 1.489,9 | 1.479,9 |
| Accommodation and food services | 1.072,6 | 1.140,2 |
| Arts, sports and recreation | 1.025,0 | 1.111,7 |
| Real estate activities | 1.137,0 | 1.079,1 |
| Industry, manufacturing and crafts | 918,1 | 858,5 |
| Computing, telecommunications and media | 794,0 | 788,2 |
| Transport and storage | 754,6 | 747,8 |
| Health, education and administration | 146,2 | 150,4 |
| Other services | 157,6 | 128,2 |
| Total excluding finance and insurance | 21.507,1 | 19.874,4 |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. p. 104, turnover by GSA; cross-check E07, p. 2. Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
INTERPRETATION
Accommodation and food services turnover increased by 6,3 % according to the source, while the comparable total decreased by 7,6 %. This divergence describes sectoral activity. It does not establish that tourism caused the entire change in the sector, nor does it measure a contribution to GDP growth. Source: E01, p. 104.
METHOD · SALES, VALUE ADDED AND GDP
Turnover is drawn from VAT declarations for the filing period. It includes sales that may incorporate intermediate purchases. Value added deducts intermediate consumption; GDP is an aggregate for the whole economy with its own treatment of taxes and subsidies. These measures are not interchangeable. Nor is “productivity” calculated by dividing annual sales by the December employee count. Sources: E07, p. 2; E03, p. 13.
08 · Activities connected to tourism
| MRO classification | What can be established | Examples |
|---|---|---|
| DIRECT | The definition identifies visitors or their expenditure. | Expenditure estimated by IMSEE/DTC. |
| SECTOR-RELATED | A functional connection exists, but the figure does not separate all visitor demand. | Accommodation/food services, retail, transport, arts and leisure. |
| CONTEXTUAL | Describes the economy or its business and employment infrastructure. | National GDP, labour market, NIS and RCI. |
| NOT ATTRIBUTABLE | The figure lacks a sufficient mechanism for attributing activity to tourism. | Watchmaking/jewellery presumed to be tourist luxury; corporate segments treated as the tourism economy. |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
E09 · Société des Bains de Mer. Universal Registration Document — financial year ended 31 March 2026. Sections 1.2.1 and 4.1.1; turnover by segment table. Period: Financial years 2023/24, 2024/25 and 2025/26. Accessed: 03–04-10-2026. View original source.
The DIRECT category identifies a statistical link to visitors; it does not mean that expenditure data measure a direct effect on GDP. Travel agencies fall within divisions 77–82 alongside activities unrelated to tourism: the total for administrative support services is not presented as travel-agency activity.
Retail and luxury: a verifiable distinction
| Activity · 2025 | Establishments | Private-sector employees | Turnover (M€) |
|---|---|---|---|
| Retail trade | 815 | 3.070 | 2.479,6 |
| Within retail: watchmaking and jewellery | 92 | 209 | 394,4 |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. p. 109, indicators by class. Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
Watchmaking and jewellery form an identifiable retail category. It does not contain price segmentation that would justify labelling all of it “luxury”, nor does it identify whether customers are tourists. The 298 M€ in estimated shopping expenditure from the survey belong to another statistical population: they are neither converted into jewellery sales nor used to construct a luxury economic sector.
Yachting, cruises and transport
Transport and storage include passengers, freight, logistics and postal services. Their activity is not attributed entirely to visitors. The maritime economy can encompass business services, management and vessel sales and purchases; it is not the same as cruise tourism. This edition does not publish a current economic aggregate for yachting without a sufficiently verified primary table, nor does it estimate cruise-passenger spending by multiplying passengers by a generic average expenditure. Arrival and port-capacity figures belong to other pages in this series.
09 · Business travel, events and impact estimates
The visitor survey covers both leisure and business purposes under its definition. Not all expenditure is assigned to conventions. Attendees, admissions, delegates, tourists and overnight stays are not treated as equivalent. Economic evaluation of an event requires the period, territory and estimation procedure to be identified.
The 2017 Grand Prix: a historical case with methodology
| Study component | Estimate (M€) | Source-specific definition |
|---|---|---|
| Termed “direct” | 21,7 | Organisational expenditure incurred in Monaco. |
| Termed “indirect” | 68,3 | Visitor spending and other primary expenditure associated with the event. |
| Published total | 90,0 | Economic estimate for the event; not GDP. |
E08 · IMSEE. Economic Effects of the 2017 Grand Prix in the Principality. pp. 15–19. Period: 2017 Grand Prix. Accessed: 03–04-10-2026. View original source.
METHOD. The study combines a survey of approximately 400 visitors, around twenty interviews, and tax and administrative records. It restricts visitor spending to the event’s four days and to Monaco’s territory; it excludes spending in France and other countries and avoids counting suppliers again for items already included. Its terms “direct” and “indirect” do not represent an output-multiplier model. It reports no induced effect. The result is a composite estimate, not an exhaustive observation of every transaction. Source: E08, pp. 15–19.
LIMITS OF ATTRIBUTION
The Grand Prix study does not automatically update the impact for 2025 or 2026. Comparing its monetary estimate with another year’s GDP does not demonstrate a contribution to GDP either. The institutional figure of 80 M€ in annual indirect effects attributed to the Grimaldi Forum is excluded from the main indicators because the consulted page does not provide a sufficiently auditable method. Sources: E08 and E10.
10 · Société des Bains de Mer: a corporate case
SBM reports allow examination of the segments of one corporate group. Financial year 2025/26 closes on 31 March 2026 and therefore differs from IMSEE’s 2025 calendar year. The group’s consolidated perimeter is retained and must not be treated as the statistical territory of the Principality.
| Corporate segment | 2023/24 (M€) | 2024/25 (M€) | 2025/26 (M€) |
|---|---|---|---|
| Hotels | 345,1 | 399,9 | 443,1 |
| Gaming | 221,3 | 215,5 | 259,6 |
| Rentals | 135,4 | 149,9 | 156,5 |
| Other activities | 13,8 | 14,5 | 15,6 |
| Intragroup eliminations | -11,5 | -11,8 | -13,2 |
| Consolidated total | 704,0 | 768,0 | 861,6 |
E09 · Société des Bains de Mer. Universal Registration Document — financial year ended 31 March 2026. Sections 1.2.1 and 4.1.1, turnover by segment table. Period: Financial years 2023/24, 2024/25 and 2025/26. Accessed: 03–04-10-2026. View original source.
The hotel segment includes restaurants and other associated activities. The gaming segment also includes ancillary activities, including casino restaurants; its turnover is not equivalent to tourists’ betting expenditure. Rentals include retail premises, offices and homes. Intragroup eliminations prevent transactions within the group from being counted twice. The components shown may leave rounding differences relative to consolidated figures.
METHOD · CORPORATE PERIMETER
SBM does not represent Monaco’s entire tourism economy. Its revenue is not added to IMSEE sectoral turnover, since part of that activity is already included in economic registers. No national share is calculated by mixing the group’s financial year with a calendar year.
11 · Trends and comparability over time
GDP: a series from the same edition
| Year | National nominal GDP (M€) | National real GDP (M€ at 2020 prices) | Nominal accommodation/food-services GDP (M€) |
|---|---|---|---|
| 2015 | 5.646,4 | 6.016,4 | 374,2 |
| 2016 | 5.846,3 | 6.197,4 | 360,3 |
| 2017 | 5.692,1 | 5.998,7 | 466,5 |
| 2018 | 6.083,5 | 6.340,5 | 511,7 |
| 2019 | 6.595,5 | 6.792,0 | 605,9 |
| 2020 | 5.892,8 | 5.892,8 | 198,8 |
| 2021 | 7.290,9 | 7.202,9 | 489,4 |
| 2022 | 8.357,1 | 8.014,4 | 675,3 |
| 2023 | 9.252,0 | 8.450,7 | 730,3 |
| 2024 | 10.279,0 | 9.196,9 | 828,8 |
E03 · IMSEE. Gross Domestic Product 2024. p. 5, Tables 1–2; p. 7, Table 4. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
| Year | National real GDP: 2019=100 index | Nominal accommodation/food-services GDP: 2019=100 index |
|---|---|---|
| 2019 | 100,0 | 100,0 |
| 2020 | 86,8 | 32,8 |
| 2021 | 106,0 | 80,8 |
| 2022 | 118,0 | 111,5 |
| 2023 | 124,4 | 120,5 |
| 2024 | 135,4 | 136,8 |
E03 · IMSEE. Gross Domestic Product 2024. pp. 5 and 7. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
Calculation: Monaco Research Observatory, based on the cited data. Formulas, inputs and exact results appear in the methodological notes.
INTERPRETATION. The series shows the decline in 2020 and subsequent developments. In 2024, national real GDP exceeds its 2019 level. The sectoral index also exceeds that level, but it is calculated at current prices: it does not represent recovery in real terms or measure how much growth comes from tourism. The price base of 2020 in the report is retained and levels from earlier editions are not mixed in.
Employment and jobs: recalculated sectoral series
| Indicator | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Private-sector employees | 53.149 | 55.472 | 58.326 | 60.454 | 59.724 |
| Employees in accommodation and food services | 7.068 | 7.753 | 8.106 | 8.720 | 8.988 |
| Jobs in accommodation and food services | 7.294 | 8.000 | 8.384 | 9.045 | 9.346 |
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. pp. 70–71, recalculated NAF 2025 series. Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
CALCULATION. Between 2024 and 2025, employees in accommodation and food services increased from 8.720 to 8.988, or 3,07 %. Jobs rose from 9.045 to 9.346, or 3,33 %. These are changes in different variables. Formulas C006 and C007; source E02.
CLASSIFICATION BREAK
NAF 2025 takes effect in Monaco on 1 January 2026 and redefines the major sectors (GSA) from twelve to fourteen. IMSEE warns that recalculated figures are not comparable with earlier sectoral publications. Therefore, the employment series here is limited to recalculated 2021–2025 data, and sectoral turnover to the comparable 2024–2025 pair in the same edition. No 2019=100 employment index is fabricated by joining incompatible yearbooks. Sources: E02, p. 70; E04, p. 1; E05, p. 35.
12 · What the figures show—and what they do not support
DATA
There is an official estimate of direct visitor expenditure alongside verifiable economic records for related activities. Accommodation and food services ranked second by number of private-sector employees in 2025. Sectoral turnover increased compared with 2024 in the recalculated classification. Sources: E04–E06.
INTERPRETATION
Visitor-facing activities have an identifiable employment and business presence within a diversified economy. The survey adds a demand perspective not provided by sector registers. The two perspectives are complementary when their definitions are maintained; simple aggregation does not produce a comprehensive measure of tourism.
| Limits of attribution | Statement avoided |
|---|---|
| Sectoral employment | “Tourism creates 8.988 jobs.” |
| Retail sales | “Tourists account for all retail turnover.” |
| Food services and transport | “All their customers are tourists.” |
| Gaming and yachting | “All casino or boating activity is tourism.” |
| Visitor expenditure | “1.353 M€ is tourism value added or GDP.” |
| Parallel trends | “Tourism caused sectoral growth.” |
| Corporate comparison | “SBM represents Monaco’s entire tourism sector.” |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4, 5 and employment note. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
E09 · Société des Bains de Mer. Universal Registration Document — financial year ended 31 March 2026. Sections 1.2.1 and 4.1.1; turnover by segment table. Period: Financial years 2023/24, 2024/25 and 2025/26. Accessed: 03–04-10-2026. View original source.
13 · Methodological notes and traceability
DATA identifies a published statistic; CALCULATION, an MRO calculation; INTERPRETATION, a reasoned interpretation; METHOD, a definition or qualification. Survey and impact figures are described as estimates and are not equated with an exhaustive administrative count.
Monetary amounts are expressed in millions of euros and retain the precision of their sources. Missing values are not filled in with zero. The reference date for each variable is preserved, and revisions are distinguished from economic changes. Rounding differences are documented rather than corrected by distributing residuals among categories. Source titles appear translated for readability; their original bibliographic names are retained in the research register.
Economic classification and links to tourism
| Sector | NAF 2025 divisions | MRO relationship | Coverage |
|---|---|---|---|
| Industry, manufacturing and crafts | NAF divisions 01–39 | CONTEXTUAL | Extraction, processing, agriculture and resources, energy, water and waste. |
| Construction | NAF divisions 41–43 | CONTEXTUAL | Buildings, civil engineering and specialised construction. |
| Wholesale trade | NAF divisions 46 | CONTEXTUAL | Business-to-business and intermediary trade, not visitors’ final expenditure. |
| Retail trade | NAF divisions 47 | SECTOR-RELATED | Sales to the public, including vehicles and motorcycles and online sales. |
| Transport and storage | NAF divisions 49–53 | SECTOR-RELATED | Passenger and freight transport, storage, auxiliary services and post. Not just travellers. |
| Accommodation and food services | NAF divisions 55–56 | SECTOR-RELATED | Short-stay and temporary accommodation; food and drinks for immediate consumption. Hotel restaurants belong to accommodation. |
| Computing, telecommunications and media | NAF divisions 58–63 | CONTEXTUAL | Content production, telecommunications, computing and information systems. |
| Finance and insurance | NAF divisions 64–66 | CONTEXTUAL | Financial and insurance services and support. Turnover excluded from the comparable total. |
| Real estate activities | NAF divisions 68 | CONTEXTUAL | Property, letting, buying and selling, development and property advice. |
| Professional, scientific and technical activities | NAF divisions 69–75 | CONTEXTUAL | Legal, accounting, consulting, engineering and specialised knowledge services. |
| Administrative and support services | NAF divisions 77–82 | CONTEXTUAL | Business support, temporary work, rentals and travel agencies. The aggregate does not identify tourism. |
| Health, education and administration | NAF divisions 84–88; 99 | CONTEXTUAL | Health, education, administration and social security. Employment shown here covers the private sector only. |
| Arts, sports and recreation | NAF divisions 90–93 | SECTOR-RELATED | Performances, culture, heritage, sport, leisure and gambling. Users are not exclusively visitors. |
| Other services | NAF divisions 94–98 | CONTEXTUAL | Associations, repairs, personal services and employing households in the employment data. |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E11 · IMSEE. Classifications and References. Reference to NAF 2025 structure. Period: NAF 2025 in force since 2026. Accessed: 03–04-10-2026. View original source.
Monaco Research Observatory calculations
| ID / indicator | Formula using published inputs | Exact result | Displayed result | Sources and caveat |
|---|---|---|---|---|
| C001 · Accommodation/food services: share of NIS establishments | 314 / 12514 × 100 | 15700/6257 | 2,51 % | D063: E01 p. 111, sectoral indicators; precise turnover p. 104 / D098: E01 pp. 109–119, total for the Principality. Same population, year and classification. |
| C002 · Accommodation/food services: share of private-sector employees | 8988 / 59724 × 100 | 10700/711 | 15,05 % | D064: E01 p. 111, sectoral indicators; precise turnover p. 104 / D099: E05 p. 7, Table 2. Not a percentage of employment caused by tourism. |
| C003 · Accommodation/food services: share of turnover excluding finance | 1140.2 / 19874.4 × 100 | 142525/24843 | 5,74 % | D065: E01 p. 111, sectoral indicators; precise turnover p. 104 / D100: E01 p. 104. Not GDP; denominator excludes finance and insurance. |
| C004 · Accommodation/food services: share of published sectoral GDP | 828.8 / 10279.0 × 100 | 82880/10279 | 8,06 % | D030: E03 p. 7, Table 4 / D028: E03 p. 5, Tables 1–2. 12-GSA classification from the 2024 GDP publication. Not tourism GDP. |
| C005 · Accommodation/food services: share of private-sector jobs | 9346 / 64770 × 100 | 93460/6477 | 14,43 % | D136: E02 p. 71 / D111: E02 p. 71. Jobs, not persons. |
| C006 · Accommodation/food-services employees: 2024–2025 change | (8988 / 8720 − 1) × 100 | 335/109 | 3,07 % | D131: E02 p. 70 / D130: E02 p. 70. |
| C007 · Accommodation/food-services jobs: 2024–2025 change | (9346 / 9045 − 1) × 100 | 6020/1809 | 3,33 % | D136: E02 p. 71 / D135: E02 p. 71. |
| C008 · Private-sector employees: 2024–2025 change | (59724 / 60454 − 1) × 100 | -36500/30227 | -1,21 % | D106: E02 p. 70 / D105: E02 p. 70. |
| C009 · Real GDP 2019: 2019=100 index | 6792.0 / 6792.0 × 100 | 100 | 100,0 index 2019=100 | D014: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C010 · Nominal accommodation/food-services GDP 2019: 2019=100 index | 605.9 / 605.9 × 100 | 100 | 100,0 index 2019=100 | D015: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C011 · Real GDP 2020: 2019=100 index | 5892.8 / 6792.0 × 100 | 73660/849 | 86,8 index 2019=100 | D017: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C012 · Nominal accommodation/food-services GDP 2020: 2019=100 index | 198.8 / 605.9 × 100 | 198800/6059 | 32,8 index 2019=100 | D018: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C013 · Real GDP 2021: 2019=100 index | 7202.9 / 6792.0 × 100 | 360145/3396 | 106,0 index 2019=100 | D020: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C014 · Nominal accommodation/food-services GDP 2021: 2019=100 index | 489.4 / 605.9 × 100 | 489400/6059 | 80,8 index 2019=100 | D021: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C015 · Real GDP 2022: 2019=100 index | 8014.4 / 6792.0 × 100 | 100180/849 | 118,0 index 2019=100 | D023: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C016 · Nominal accommodation/food-services GDP 2022: 2019=100 index | 675.3 / 605.9 × 100 | 675300/6059 | 111,5 index 2019=100 | D024: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C017 · Real GDP 2023: 2019=100 index | 8450.7 / 6792.0 × 100 | 140845/1132 | 124,4 index 2019=100 | D026: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C018 · Nominal accommodation/food-services GDP 2023: 2019=100 index | 730.3 / 605.9 × 100 | 730300/6059 | 120,5 index 2019=100 | D027: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C019 · Real GDP 2024: 2019=100 index | 9196.9 / 6792.0 × 100 | 459845/3396 | 135,4 index 2019=100 | D029: E03 p. 5, Tables 1–2 / D014: E03 p. 5, Tables 1–2. National real GDP, 2020 price base; no attribution to tourism. |
| C020 · Nominal accommodation/food-services GDP 2024: 2019=100 index | 828.8 / 605.9 × 100 | 828800/6059 | 136,8 index 2019=100 | D030: E03 p. 7, Table 4 / D015: E03 p. 7, Table 4. Nominal series from a single edition; does not measure price-adjusted real recovery. |
| C021 · Accommodation/food-services turnover: 2024–2025 change | (1140.2 / 1072.6 − 1) × 100 | 33800/5363 | 6,3 % | D065: E01 p. 111, sectoral indicators; precise turnover p. 104 / D066: E01 p. 104. Recalculated classification. |
| C022 · Comparable total turnover: 2024–2025 change | (19874.4 / 21507.1 − 1) × 100 | -1632700/215071 | -7,6 % | D100: E01 p. 104 / D101: E01 p. 104. Excluding finance and insurance. |
| C023 · Visitor expenditure / turnover excluding finance: arithmetic check | 1353 / 19874.4 × 100 | 56375/8281 | 6,8 % | D163: E06 p. 15, Table 14 / D100: E01 p. 104. Approximately reproduces the published 6,8 %; denominators are of different kinds. This is not an economic contribution. |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. pp. 63, 67, 69–71 (PDF 3, 7, 9–11). Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
Calculation: Monaco Research Observatory, based on the cited data. Formulas, inputs and exact results appear in the methodological notes.
Discrepancies, exclusions and editorial decisions
| ID / issue | Decision | Reason | Sources |
|---|---|---|---|
| X01 · Tourism Satellite Account / tourism GDP and employment | Not identified in the sources consulted | IMSEE, government and international documentation were specifically searched. The 2025 survey does allow an estimate of direct expenditure; it is not a TSA. Failure to locate a TSA does not demonstrate its absolute nonexistence. | E03; E06; documentary search 03–04-10-2026 |
| X02 · Adding hospitality, retail, transport and leisure = tourism economy | Excluded | There are no compatible visitor-demand attribution coefficients; the approach would lead to unwarranted attribution and potential double counting. | E01; E06 |
| X03 · Direct expenditure of 1.353 M€ = GDP contribution | Excluded | Expenditure, sales and value added are different measures. Do not divide 2025 spending by 2024 GDP. | E03; E06 |
| X04 · 2019–2025 sectoral series joining yearbooks | Excluded | NAF 2025 changes the major sectors (GSA) from 12 to 14. Use the recalculated 2021–2025 E02 series and the 2024–2025 E01/E04 pair. | E02; E04; E07 |
| X05 · 2024 GDP with 12 GSA compared with employment structure with 14 GSA | Kept separate | Retain each classification; do not construct an unpublished exact crosswalk. | E01; E03; E05 |
| X06 · 828,8 M€ labelled tourism value added | Excluded | The source labels them sectoral GDP. Do not convert them into pure value added or tourism GDP. | E03, Table 4 |
| X07 · Accommodation/food-services employees as tourism employment | Excluded | Weighted persons and classification by employer; a major operator includes gaming staff. A causal link to visitor demand is not identified. | E04, p. 2; E05, p. 7 |
| X08 · 2024 employees: 8.722 in earlier publications versus 8.720 after recalculation | Retain 8.720 in the current series | NAF 2025 and edition revision; do not join 8.722 to 8.988. | E02, p. 70; E04 |
| X09 · Same-day visitors: 523 M€ in table and 522 M€ in text | Conflicting | Both figures appear on the same page 15. 523 + 831 = 1.354 versus a total of 1.353. Do not select either as an official correction. | E06, Table 15 and final paragraph |
| X10 · 809 M€ accommodation/food combined versus 422 + 386 = 808 | Rounding qualification | Consistent with rounded components; retain the official comparison as indicative rather than reconstructing underlying data. | E06, p. 15 |
| X11 · Published spending shares add to 100,1 % | Retain published shares | Rounding residual; do not normalise or present calculated values as published originals. | E06, Table 14 |
| X12 · Accommodation/food services: turnover subtotals add to 1.140,1 versus 1.140,2 | Retain source values | Residual of 0,1 M€ consistent with rounding. | E04, Table 4 |
| X13 · Residence: apply published percentages to the whole workforce | Excluded | Charts exclude unspecified residence; display counts and the 804 cases with no data. | E02, p. 69 |
| X14 · 314 establishments / 7.998 RCI | Excluded | The sector numerator uses the NIS population; the correct denominator in the same table is 12.514. | E01, pp. 101 and 111 |
| X15 · Watchmaking and jewellery as luxury sector or tourist expenditure | Excluded | The category does not segment by price or customer type. Retain it as non-attributable context. | E01, p. 109 |
| X16 · Grimaldi Forum: 80 M€ in annual indirect effects | Excluded from main indicators | Institutional statement lacking a linked technical study, multipliers, leakages or a sufficiently auditable method. | E10 |
| X17 · Yachting: 2025 targets treated as results | Excluded | Promotional targets are not adopted as observed data. No sufficiently robust primary table was found for a current maritime aggregate. | Documentary research; IMSEE maritime link not retrieved |
| X18 · Cruise passengers × generic average expenditure | Excluded | No survey of expenditure specifically applicable to Monaco cruise passengers was verified. | E06; thematic search |
| X19 · Present-day Grand Prix impact derived from the 2017 report | Excluded | Historical case with its own method; no artificial update. The source’s comparison with 2016 GDP is not reused as a GDP contribution. | E08 |
| X20 · Grand Prix total to the euro: sum of components differs by €1 | Show millions to one decimal place | 21.694.605 + 68.310.999 = 90.005.604; printed total 90.005.605. Do not silently correct it. | E08, p. 19 |
| X21 · SBM = Monaco tourism | Excluded | Consolidated group, financial year and its own segments; its scope may include activities outside Monaco. | E09 |
| X22 · Sectoral productivity based on turnover / employees | Not calculated | This does not equal value added per hour. Year-end employment and different perimeters do not support such an indicator. | E01; E05 |
| X23 · Earlier GDP series with a different price base | Replaced by a single-edition series | E03 uses a 2020 price base and revises levels. Do not mix with the 2014 base. | E03, p. 5 |
| X24 · Sum of employees across 14 sectors: 59.726 versus a total of 59.724 | Retain published total | The breakdown by employer uses hour-based weightings and is published as integers. A residual of 2 is compatible with rounding; sector counts must not be adjusted. | E02, p. 70; E05, pp. 7 and 34 |
E01 · IMSEE; originating statistical services. Monaco in Figures 2026 — Chapter 4: Economy. pp. 85–87, 101, 104, 106–119 (PDF 3–5, 19, 22, 24–37). Period: GDP 2024; sectoral activity 2025. Accessed: 03–04-10-2026. View original source.
E02 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Monaco in Figures 2026 — Chapter 3: Employment. pp. 63, 67, 69–71 (PDF 3, 7, 9–11). Period: 2021–2025. Accessed: 03–04-10-2026. View original source.
E03 · IMSEE. Gross Domestic Product 2024. pp. 5, 7, 10, 12–17. Period: 2015–2024. Accessed: 03–04-10-2026. View original source.
E04 · IMSEE; DDE; Caisses Sociales de Monaco; DSF. Report No. 173 — Accommodation and Food Services 2025. pp. 1–2, Tables 1, 4, 5 and employment note. Period: 2024–2025. Accessed: 03–04-10-2026. View original source.
E05 · IMSEE; Caisses Sociales de Monaco; DRHFFP. Employment Observatory 2025. pp. 4, 7, 16, 34–35. Period: 2025; historical series. Accessed: 03–04-10-2026. View original source.
E06 · IMSEE; Direction du Tourisme et des Congrès. Tourism in the Principality: Results of the 2025 Survey. pp. 3, 11, 13–20; Tables 9, 11–15. Period: 2025. Accessed: 03–04-10-2026. View original source.
E08 · IMSEE. Economic Effects of the 2017 Grand Prix in the Principality. pp. 15–19. Period: 2017 Grand Prix. Accessed: 03–04-10-2026. View original source.
E09 · Société des Bains de Mer. Universal Registration Document — financial year ended 31 March 2026. Sections 1.2.1 and 4.1.1; turnover by segment table. Period: Financial years 2023/24, 2024/25 and 2025/26. Accessed: 03–04-10-2026. View original source.
E10 · Grimaldi Forum Monaco. Presentation of the Grimaldi Forum Monaco. Section on activity since 2000 and the economic contribution. Period: Institutional page current when accessed; context 2025. Accessed: 03–04-10-2026. View original source.
14 · Source register
E01 · Monaco in Figures 2026 — Chapter 4: Economy
Institution: IMSEE; originating statistical services. Publication: 2026. Period: GDP 2024; sectoral activity 2025.
Location: pp. 85–87, 101, 104, 106–119 (PDF pp. 3–5, 19, 22, 24–37). Use: GDP, establishments, enterprises, turnover and classification. Note: GDP: grouping into 12 sectors. 2025 indicators: 14 NAF 2025 sectors. Do not interchange them.
Open original document or webpage. Accessed: 03–04-10-2026.
E02 · Monaco in Figures 2026 — Chapter 3: Employment
Institution: IMSEE; Caisses Sociales de Monaco; DRHFFP. Publication: 2026. Period: 2021–2025.
Location: pp. 63, 67, 69–71 (PDF 3, 7, 9–11). Use: Employment series and residence. Note: Workers and jobs are different variables. Sectoral series recalculated under NAF 2025.
Open original document or webpage. Accessed: 03–04-10-2026.
E03 · Gross Domestic Product 2024
Institution: IMSEE. Publication: November 2025. Period: 2015–2024.
Location: pp. 5, 7, 10, 12–17. Use: Nominal and real GDP, sectoral GDP and methodology. Note: Income approach; reference to ESA 1995 with documented limitations; volume base 2020.
Open original document or webpage. Accessed: 03–04-10-2026.
E04 · Report No. 173 — Accommodation and Food Services 2025
Institution: IMSEE; DDE; Caisses Sociales de Monaco; DSF. Publication: June 2026. Period: 2024–2025.
Location: pp. 1–2, Tables 1, 4, 5 and employment note. Use: Breakdown of accommodation and food services, business births, closures and employment. Note: Hotel restaurants are classified under accommodation. A major operator groups gaming, hotel and restaurant staff in this sector.
Open original document or webpage. Accessed: 03–04-10-2026.
E05 · Employment Observatory 2025
Institution: IMSEE; Caisses Sociales de Monaco; DRHFFP. Publication: April 2026. Period: 2025; historical series.
Location: pp. 4, 7, 16, 34–35. Use: Employment populations and checks. Note: An employee is apportioned among employers by hours; these are not full-time equivalents. Historical revision in 2022.
Open original document or webpage. Accessed: 03–04-10-2026.
E06 · Tourism in the Principality: results of the 2025 survey
Institution: IMSEE; Direction du Tourisme et des Congrès. Publication: Report: June 2026; released: 7 July 2026. Period: 2025.
Location: pp. 3, 11, 13–20; Tables 9, 11–15. Use: Direct visitor expenditure and methodology. Note: Adjusted and extrapolated survey. It measures neither tourism GDP, tourism value added nor induced effects.
Open original document or webpage. Accessed: 03–04-10-2026.
E07 · Economic Bulletin No. 88 — fourth quarter 2025
Institution: IMSEE; Direction des Services Fiscaux. Publication: March 2026. Period: Cumulative January–December 2025; comparison with 2024.
Location: pp. 1–3. Use: Turnover verification, fiscal population and NAF classification break. Note: Turnover according to VAT declarations by filing period. Total excludes financial and insurance activities.
Open original document or webpage. Accessed: 03–04-10-2026.
E08 · Economic effects of the 2017 Grand Prix in the Principality
Institution: IMSEE. Publication: No editorial date stated; file version: 07-12-2021. Period: 2017 Grand Prix.
Location: pp. 15–19. Use: Historical event-estimation case. Note: The source calls organisational expenditure direct and visitor expenditure indirect. These are not multiplier effects from a satellite account.
Open original document or webpage. Accessed: 03–04-10-2026.
E09 · Universal registration document — year ended 31 March 2026
Institution: Société des Bains de Mer. Publication: 2026. Period: Financial years 2023/24, 2024/25 and 2025/26.
Location: Sections 1.2.1 and 4.1.1; turnover by segment table. Use: Corporate case: segments and consolidation. Note: April–March financial year and consolidated group scope; not equivalent to the Principality’s economy.
Open original document or webpage. Accessed: 03–04-10-2026.
E10 · Presentation of the Grimaldi Forum Monaco
Institution: Grimaldi Forum Monaco. Publication: No explicit publication date. Period: Institutional webpage current when consulted; 2025 context.
Location: Section reviewing activity since 2000 and economic activity. Use: Critical review of an institutional estimate. Note: The page announces 80 M€ in annual indirect effects without disclosing the model, multipliers or estimation procedure.
Open original document or webpage. Accessed: 03–04-10-2026.
E11 · Classifications and references
Institution: IMSEE. Publication: Webpage without an explicit publication date. Period: NAF 2025 effective from 2026.
Location: Reference to NAF 2025 structure. Use: Identification of classification. Note: Division codes were checked against the definitions in the 2026 yearbook.
Open original document or webpage. Accessed: 03–04-10-2026.
Other Monaco in Figures pages
Hotels and Hospitality · Tourism · Territory and Land Use · Monaco in Figures
Prepared by: Monaco Research Observatory. Classifications of links to tourism and calculations identified as MRO are the Observatory’s own analytical decisions. They are not presented as a Tourism Satellite Account.
