Page 58 - Monaco Economy 123

ECONOMY

Close-up: Major Business Sector of

308 Accommodation and Catering
establishments in 2021
+2% vs 2020 Some of the Principality’s tourist activities can be linked to the
+2,3% over 10 years
2,9% of total revenue major sector of activity of Accommodation and Catering. It
th
11 of 12 sectors should be noted, however, that the economic results of this sector
also include consumption by the local population (employees,
residents etc) who are by definition not considered as tourists.

Accommodation and Catering had 308 establishments in 2021,
of which the majority were restaurants (237 or 76.9%). In ad-
579 M€ dition, a Monégasque specificity is that establishments falling
turnover 2021 under Accommodation are only hotels (which is not the case
+36,8% vs 2020 in France, for example).
-0,9% over 10 years
3,6% of total revenue It is in the districts of La Condamine (90 entities), Monte-Carlo
th
10 of 12 sectors
(85) and Fontvieille (45) that the sector is most established.
On the other hand, the districts of La Rousse, Moneghetti and
the Jardin Exotique are those with the fewest establishments
(at most 10 each).

182 With €579 million (3.6% of the Principality’s turnover excluding
employers in 2021 Financial and Insurance activities), this sector is the penultimate
+7,7% vs 2020 contributor to overall turnover. The atypical structure of this
-5,7% over 10 years sector means that the 15 hotels generate 70.7% of turnover,
2,9% of total revenue whilst the 237 restaurants generate 26%. Compared to 2020,
th
8 of 12 sectors
turnover is on the rise again (+36.8%) after being strongly
impacted by the health crisis. This recovery is largely due to
Accommodation, which brings the sector to €409 million (+42%
compared to the previous year).

In terms of workforce, Accommodation and Catering had 7,148
7 148 employees (having worked at least one hour), including casino
employees in 2021
-0,9% vs 2020 games staff, at the end of 2021 (-0.9% compared to 2020 ). As
+26,6% over 10 years such, the sector is the second-largest employer in the Principality.
13,5% of total revenue With 5,063 employees, Accommodation employs most of them
nd
2 of 12 sectors (70.8%), although this number is decreasing (-7.9% compared
to the previous year). There were 182 employers in 2021 com-
pared to 169 in 2020 (+7.7%), of which 82.4% are restaurants.

Women are poorly represented in this sector (31.2%), in a
lower proportion than that of the entire working population of
199 M€ Monaco (39.3%). Furthermore, Accommodation and Catering
GDP 2020 employees are, on average, younger than overall, with 25-34
-67,2% vs 2020
-34,7% over 10 years year-olds being over-represented.
3,3% of total revenue
th
10 of 12 sectors

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