CFM INDOSUEZ Wealth Management - 2019 annual report

22 T H E E N V I R O N M E N T I N M O N A C O I N 2 0 1 9 1,444 additional jobs. Sixty percent of private sector employees are men and 63.2% are French nationals. The average age of employees is 41.8, and most of them are commuters. The tertiary sector employs almost all private sector employees. The amount of bank assets has increased sharply over the past twelve months thanks to a sharp rise in deposits (+14%). Outstanding loans also rose by nearly 3%. Net inflows of around € 970 million in the last quarter of 2019 led to a slight increase in total assets under management (+0.6%), despite the slightly negative impact of market and currency effects. CFM Indosuez Wealth Management “The Principality aims to bring digital technology into the daily life of Monaco citizens and residents and to position itself as a centre of innovation.” Ma r i e-Od i l e Jori s General Secretary a dynamic and diversified economy Monaco’s GDP exceeded € 6 billion for the first time in 2018, at € 6.09 billion, compared with € 5.69 billion in 2017. Adjusted for inflation, this represents an increase of +6.1% in volume terms. After slowing for several years (from +9.6% in 2013 to +3.5% in 2016 and -3.4% in 2017), GDP growth recovered in 2018. All components of GDP picked up in 2018. The contribution of corporate earnings (EBITDA) increased the most, by 11%, after contracting by 9% in 2017. The Principality’s biggest sectors in terms of GDP are science and technology, administrative and support services, finance and insurance, and real estate. These sectors account for nearly half of total wealth produced (43.9%). In 2019, Monaco’s revenue, excluding the finance and insurance sector, rose slightly against 2018 (+1.1%), despite its contraction over the first six months of the year. However, this increase masks considerable disparities. Private sector employment figures improved in 2019, with nearly 1,500 more jobs than in the previous year. The number of employers also rose. Monaco had 56,871 jobs in 2019, an increase of 2.6% on 2018, or Source: IMSEE