Economy - overview:
Monaco, situated on the French Mediterranean coast, is a popular
resort, attracting tourists to its casino and pleasant climate. In
2001, a major new construction project will extend the pier used by
cruise ships in the main harbor. The principality has successfully
sought to diversify into services and small, high-value-added,
nonpolluting industries. The state has no income tax and low
business taxes and thrives as a tax haven both for individuals who
have established residence and for foreign companies that have set
up businesses and offices. The state retains monopolies in a number
of sectors, including tobacco, the telephone network, and the postal
service. Living standards are high, roughly comparable to those in
prosperous French metropolitan areas. Monaco does not publish
national income figures; the estimates below are extremely rough.
GDP:
purchasing power parity - $870 million (1999 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $27,000 (1999 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
NA%
Labor force:
30,540 (January 1994)
Unemployment rate:
3.1% (1998)
Budget:
revenues: $518 million
expenditures: $531 million, including capital expenditures of $NA
(1995)
Industries:
tourism, construction, small-scale industrial and consumer products
Industrial production growth rate:
NA%
Electricity - consumption:
NA kWh
Electricity - imports:
NA kWh
note: electricity supplied by France
Agriculture - products:
none
Exports:
$NA; full customs integration with France, which collects and
rebates Monegasque trade duties; also participates in EU market
system through customs union with France
Imports:
$NA; full customs integration with France, which collects and
rebates Monegasque trade duties; also participates in EU market
system through customs union with France
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
euro (EUR)
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 1.0626 (2002), 1.1175 (2001), 1.0854
(2000), 0.9386 (1999); French francs per US dollar - 5.8995 (1998)
Fiscal year:
calendar year