Professional events boost Monaco’s economy

portshotheadIMSEE, the Monaco Statistics Office, has reported that overall volume of trade increased by 7.5 percent to nearly €2.2 billion year-on-year to the end of September 2016, and imports remained well above exports.

The trade deficit increased over the year (-€381.4 million).

Presenting its Economy Bulletin for the fourth quarter of 2016, which covers data accumulated from January 1, IMSEE said that overall turnover excluding financial and insurance activities was down (-1.2 percent). Two sectors in terms of turnover led to this downturn: Scientific and technical activities, administrative and support services: (-10.2 percent) and Industry (-13 percent).

After a slight decline in the first quarter, employment in the Principality rose for the third consecutive quarter and ended the year up (+ 1.3 percent).

Tourism was negatively impacted by the Nice bombing in July. Despite a decline in overnight stays (-3 percent), average revenue per room rose (+ 4.5 percent).

The number of professional events increased sharply (+43 percent), proving that Monaco is ever more attractive as a venue for international conferences and conventions.

 

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