Employment in Monaco in the third quarter of 2025
A third quarter 2025 decline despite some dynamic sectors
Monaco’s job market slowed in the third quarter of 2025. According to the latest published figures, the private sector recorded 64,084 jobs at the end of September. This represents a 2.5% year-on-year decrease, or 1,668 fewer positions compared with the third quarter of 2024. This decline follows the trend observed since the beginning of 2025 and confirms the slowdown in job creation after several years of sustained growth.
Technical sectors and temporary work on the front line
Two sectors in particular explain most of this contraction:
Scientific, technical, and administrative support activities
- –12.8% year-on-year
- 2,197 jobs lost
This decline is almost entirely due to the sharp drop in temporary work, which alone lost 2,154 positions, a decrease of –25.6%.
After a slight rebound in June, temporary assignments fell again, particularly impacting roles in the construction sector.
Construction
- –6.7%
- 449 fewer jobs
The sector continues the downward trend observed in the previous quarter. This decline is mainly explained by the gradual completion of several major construction projects that had significantly supported employment in recent years.
Accommodation, catering, and real estate: the drivers of this quarter
Not all sectors are declining. Two of them, on the contrary, show a notable increase:
Accommodation and catering
- +4.8%
- +496 jobs
The summer season, combined with strong tourism activity, allowed the sector to increase its workforce and absorb part of the slowdown observed elsewhere.
Real estate activities
- +5.6%
- Highest sectoral growth of the quarter
The Monaco real estate market thus shows remarkable resilience, supported by high demand and sustained transactional activity.
Working hours in decline
Another notable indicator: the volume of hours worked.
- below 2024 levels for each month of the quarter
- particularly sharp drop in July
- annual cumulative –2.0% compared with 2024
The most affected sectors mirror those responsible for the overall decline in employment:
- –11.2% in scientific and technical activities, administrative and support services
- –7.1% in construction
Conversely, hours worked increased:
- nearly +5% in real estate
- nearly +5% in accommodation and catering
A slight increase in the number of employers
Despite this less favorable context, the entrepreneurial landscape shows some stability:
- +0.6% of employers
- 40 more companies
- total: 6,402 private employers
This positive signal reflects an economic resilience, even during periods of slowdown.
