MONACO Law and Practice Contributed by: Stephan Pastor, Emeline Elbaz-Mondeux and Coralie Trudon, CMS Pasquier Ciulla Marquet Pastor & Svara
CMS Monaco Villa des Cigognes 17 rue Louis Aureglia BP 450 98000 Monaco
Tel: +377 979 84 224 Fax: +377 979 84 225 Email: stephan.pastor@cms-pcm.com Web: www.cms.law/pcm
1. Trends 1.1 M&A Market
(9.6% of GDP), accommodation and food services (8.1% of GDP), and real estate activities (6.2% of GDP). Among the major sectors of activity, the most impor - tant sector in Monaco in the third trimester of 2025 remained wholesale trade, which represented 26% of Monegasque revenue. Scientific and technical activi - ties and administrative and support services was the second most remunerative sector: it represented 23% of Monegasque revenue. 1.3 Key Industries In 2024, there was mostly activity within the scientific and technical activities and administrative and sup - port services, financial and banking, media, yachting, construction, automotive and property management sectors. Accommodation and food service activities experi - enced growth (+13.5%). The construction sector also witnessed significant growth in comparison to 2023 (+23.8%). Other service activities recorded remarkable growth of 68.1%, mainly due to sports-related activities. It is worth noting that wholesale trade, despite being the most profitable sector, experienced the lowest GDP growth (+1.8%). Retail trade is the only sector that showed a decline in GDP in 2024 (-3.4%).
One of the major features of the Monaco economy is that it is government-driven. The main actors are well- structured family businesses in the construction and property sectors, and subsidiaries and branch offices of a large international group of companies, mainly in the banking and finance, shipping, hospitality and luxury sectors, as well as the state-owned Société des Bains de Mer, which controls the casinos and most of the luxury hotels in Monaco. Generally, these businesses have stable and some- times important cash reserves and benefits, due to good financing from the banking sector, which ena - bles them to prosper without the need for significant third-party investments. There was some M&A activity of importance in Mona - co in 2025 but the overall volume of trade remains similar to 2024. 1.2 Key Trends After the economic difficulties due to the pandemic, the majority of sectors of activity have been experi - encing strong growth since 2022. This positive trend is reflected in Monaco’s GDP, which reached EUR10.3 billion in 2024, which corre - sponds to real growth of 8.8% (adjusted for inflation) compared to 2023. The key sectors contributing to GDP include scientific and technical activities (23.5% of GDP), financial and insurance activities (17.6% of GDP), wholesale trade (8.6% of GDP), construction
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