IMSEE, Monaco’s statistical office, has reported mixed results for the third quarter of 2016. While overall revenues, excluding financial and insurance activities, declined over the period, the real estate sector performed well, not only in showing a continuing increase in the number of transactions, but also a growth in average prices as more transactions involved larger properties.
Wholesale trade, the largest sector in terms of turnover, fell by more than six percent in the third quarter (-€217 million), while tourism – measured in overnight stays – suffered from the Nice atrocity that took the lives of 86 people in July. Even there, there was a bright spot, with average spending per person recording an increase.
Employment increased for the second consecutive quarter (+ 0.5 percent).