are satisfactory, with the Principality continuing along the path laid out by Prince Rainier III, the centenary of whose birth was celebrated in 2023. On this occasion, Prince Albert II underlined the farsightedness of the Prince, the main architect of the Principality's development, growth and economic diversification, who worked for Monaco's admission to the United Nations in 1993 and to the Council of Europe in 2004. While 2023 is a year of historic performance, 2024 promises to be a period of new challenges. Although Monaco's fundamentals remain solid, competition on the international stage is intensifying and will certainly depend on the FATF's decision regarding the evaluation of Monaco's anti-money laundering and counter-terrorist financing measures. Solving the challenges of mobility, promoting urban naturalisation and integrating new technologies will be imperative in order to maintain the Principality's appeal and consolidate its leadership in sustainable development. Despite the international conflicts in Ukraine The environment in Monaco and the Middle East, the Principality's economy has shown remarkable resilience. Monegasque revenue, up 5.5% on the previous year, topped the 20 billion euro mark for the first time. Employment in the private sector is at an all-time high, up 3.5% on last year. This trend reflects in particular the strength of the construction and hotel and catering industries. As far as foreign trade is concerned, the total volume of trade, approaching €3.7 billion, is close to the alltime record set in 2019 (€3.8 billion). With an increase of 5.4% compared to 2022, it confirms the dynamism of the economy. As last year, wholesale trade remains Monaco's most buoyant sector, with sales of €5.4 billion. On the property market, the average price of transactions continues to rise, with revenue stabilising at around the billion euro mark, even though there has been a slight fall in volume. In the financial sector, assets under management by banking institutions rose sharply over the last twelve months (up 11.8%) to more than 158 billion euros, while deposits increased slightly. All the indicators Sophie Armando Finance & Strategy Director Céline Lapaian Company Secretary Source: imsee.mc CFM Indosuez Wealth Management 30
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