Monaco: Services, value added (% of GDP)

Key figures

What the numbers say

In 2024, Monaco's services, value added (% of GDP) fell 1.29 percentage points on 2023 (from 88.5% to 87.2%).

Across the 13 yearly changes before that (2011 to 2023), the average change was +0.11 percentage points and a typical year strayed about 2.37 percentage points from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 5.45 percentage points in 2017 and the biggest yearly fall was 4.96 percentage points in 2015. 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 0.56 percentage points a year. A straight line explains 55% 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 4th highest value of the 31 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

• Macao SAR, China — 1st of 31: 92.03%
• Hong Kong SAR, China — 2nd of 31: 91.45%
• Bermuda — 3rd of 31: 91.31%
• Cayman Islands — 5th of 31: 86.54%
• Bahamas, The — 6th of 31: 77.19%
• Barbados — 7th of 31: 75.84%

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defence, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

Limitations: In the services industry the many self-employed workers and one-person businesses are sometimes difficult to locate, and they have little incentive to respond to surveys, let alone to report their full earnings. Compounding these problems are the many forms of economic activity that go unrecorded, including the work that women and children do for little or no pay.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 15 values

Services, value added (% of GDP) in nearby economies

• Albania — 49.72% (2025)
• Andorra — 77.79% (2025)
• Armenia — 61.34% (2025)
• Austria — 64.05% (2025)
• Azerbaijan — 45.29% (2025)
• Belarus — 49.98% (2025)
• Belgium — 71.23% (2025)
• Bosnia and Herzegovina — 57.69% (2025)
• Bulgaria — 63.31% (2025)
• Croatia — 60.93% (2025)
• Cyprus — 76.85% (2025)

More economic policy & debt data for Monaco

• GDP (current US$) — US$11.13 billion (2024)
• GDP (current LCU) — 10.28 billion (2024)
• GDP (constant 2015 US$) — US$9.55 billion (2024)
• GDP (constant LCU) — 9.17 billion (2024)
• GDP per capita (current US$) — US$288,002 (2024)
• GDP per capita (current LCU) — 266,082 (2024)
• GDP per capita (constant 2015 US$) — US$247,170 (2024)
• GDP per capita (constant LCU) — 237,372 (2024)
• GDP (annual % growth) — 8.51% (2024)
• GDP per capita (annual % growth) — 9.42% (2024)
• Adjusted savings, education expenditure (% of GNI)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Monaco's services, value added (% of GDP)?

87.2% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2010?

It is up 0.13 percentage points from 87.08% in 2010. The highest value was 88.5% in 2023 and the lowest 81.75% in 2016.

How does Monaco rank?

4th highest of 31 economies with data for 2024.

Is the latest change in services, value added (% of GDP) unusual for Monaco?

In 2024, Monaco's services, value added (% of GDP) fell 1.29 percentage points on 2023 (from 88.5% to 87.2%). Across the 13 yearly changes before that (2011 to 2023), the average change was +0.11 percentage points and a typical year strayed about 2.37 percentage points from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.ZS, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) 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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