Monaco's Government reported a slow recovery last week.

Minister of State Michel Roger and Government advisers gave a press conference on Wednesday, reporting a very slight economic recovery since April/May. State receipts are down by 26.8 million euros mainly due to a reduction in income from property transfer tax, which was reported to be 49% below expectations in May. Monaco's real estate market has been hard hit by the current economic crisis, seeing takings down by 235 million euros.

State VAT receipts are stable (-0.1%) and in line with expectations. Government strategy has been to manage responsibly by restricting increases in ordinary expenses (+1.1%) and administrative expenses (+0.4%). The final deficit rose to 88 million euros, a bit less than the 105 million anticipated in the preliminary budget.

Michel Roger : economic recovery is very slow