Monaco’s Maritime Economy Emerges as a Key Sector

The maritime economy in Monaco accounts for almost 10% of the Principality’s turnover, with 635 businesses relying on the sea for their activities. According to the statistics released by Monaco Statistics (IMSEE), the maritime economy generated 1.8 billion euros in turnover in 2022. The sector provided 3,268 jobs, representing 5.4% of private sector employment in December 2022.

The transport and storage sector dominates the maritime economy, with over 900 million euros in turnover and employing 50% of the workers in the sector. Yachting, which is part of the maritime economy, contributed 550 million euros to the overall turnover, with 411 businesses involved in the industry. Most of the turnover from yachting comes from wholesale trade, representing 56% of the sector’s total turnover. The yachting industry also employs 1,429 people.

This study is the first of its kind in Monaco and highlights the significant contribution of the maritime economy to the Principality’s overall economic activity, with yachting standing out as a major component of the sector.

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