Monaco's inflation, GDP deflator, linked series (annual % growth) was 2.39% in 2024, the latest year in the World Bank's World Development Indicators. That is up 1.8 percentage points from 0.59% in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 2.39% | 2024 |
| Five years earlier | 1.21% | 2019 |
| Ten years earlier | 0.59% | 2014 |
| Highest | 4.99% | 2023 |
| Lowest | -0.24% | 2004 |
| Average since 2015 | 1.92% | 2015–2024 |
| First recorded | 2.64% | 1990 |
What the numbers say
In 2024, Monaco's inflation, GDP deflator, linked series (annual % growth) fell 2.61 percentage points on 2023 (from 4.99% to 2.39%).
Across the 30 yearly changes before that (1994 to 2023), the average change was +0.11 percentage points and a typical year strayed about 1.08 percentage points from that (the standard deviation). This year's change was 2.5 standard deviations below that average, so it was unusually large compared with the rest of the record.
On record, the biggest yearly rise was 2.28 percentage points in 2005 and the biggest yearly fall was 2.61 percentage points in 2024. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is upward, about 0.34 percentage points a year. A straight line explains 54% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Monaco had the 8th highest value of the 13 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Monaco in the 2024 ranking
- Aruba — 4th of 13: 4.14%
- Curaçao — 5th of 13: 3.33%
- Cayman Islands — 6th of 13: 2.4%
- Faroe Islands — 8th of 13: 2%
- French Polynesia — 9th of 13: 1.85%
- United Arab Emirates — 10th of 13: 1.63%
What this measures
Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
All 35 values
| Year | Inflation, GDP deflator, linked series (annual % growth) |
|---|---|
| 2024 | 2.39 |
| 2023 | 4.99 |
| 2022 | 3.02 |
| 2021 | 1.22 |
| 2020 | 2.98 |
| 2019 | 1.21 |
| 2018 | 1.11 |
| 2017 | 0.5875 |
| 2016 | 0.5163 |
| 2015 | 1.13 |
| 2014 |
Inflation, GDP deflator, linked series (annual % growth) in nearby economies
- Albania — 1.45% (2025)
- Andorra — 2.63% (2025)
- Armenia — 3.57% (2025)
- Austria — 3.15% (2025)
- Azerbaijan — 0.57% (2025)
- Belarus — 10.92% (2025)
- Belgium — 2.56% (2025)
- Bosnia and Herzegovina — 3.01% (2025)
- Bulgaria — 7.41% (2025)
More financial sector data for Monaco
- Official exchange rate (LCU per US$, period average) — US$0.88 (2025)
- DEC alternative conversion factor (LCU per US$) — US$0.88 (2025)
- GDP deflator (base year varies by country) — 112.1 (2024)
- Inflation, GDP deflator (annual % growth) — 2.39% (2024)
- GDP deflator, linked series (base year varies by country) — 112.1 (2024)
- Bank nonperforming loans to total gross loans (%) — 0.24% (2019)
- Bank capital to assets ratio (%) — 4.6% (2019)
Every indicator for Monaco is on the Monaco data page.
Reading data like this
Questions people ask
- What is Monaco's inflation, GDP deflator, linked series (annual % growth)?
- 2.39% in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1990?
- It is down 0.26 percentage points from 2.64% in 1990. The highest value was 4.99% in 2023 and the lowest -0.24% in 2004.
- How does Monaco rank?
- 8th highest of 13 economies with data for 2024.
- Is the latest change in inflation, GDP deflator, linked series (annual % growth) unusual for Monaco?
- In 2024, Monaco's inflation, GDP deflator, linked series (annual % growth) fell 2.61 percentage points on 2023 (from 4.99% to 2.39%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.11 percentage points and a typical year strayed about 1.08 percentage points from that (the standard deviation). This year's change was 2.5 standard deviations below that average, so it was unusually large compared with the rest of the record.
Source
World Bank, World Development Indicators, indicator NY.GDP.DEFL.KD.ZG.AD, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD); World Economic Outlook database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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