Economic growth in 2008

Monaco's Minister of State last week revealed that the Principality's economy for 2008 increased by 10% to 16 billion euros. Growth in individual sectors varied between 5% and 15%, with the strongest development seen in banking and finance, although some press reports are quoting this as a decrease.

As the year drew to a close, the economy slowed down slightly, especially for hotels and restaurants. They saw a 10% decrease over Christmas and New Year compared to 2007.

As for the global economic situation, the government remains alert for 2009. In preparation, a safety net ruling was announced in December to help workers who might suffer from the effects of the crisis. Enterprises will be able to continue to pay salaries if working hours need to be reduced, or even if the company has to close down temporarily. There's also a commitment to start work on several construction projects in order to sustain the Principality's economy.

So, we start the year in a watchful mood, with the hope that Monaco will only be marginally affected by the global economic crisis.