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Economy of Monaco

Economy - overview:Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. In 2001, a major construction project extended 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.
GDP (purchasing power parity):$976.3 million
note: Monaco does not publish national income figures; the estimates are extremely rough (2006 est.)
GDP (official exchange rate):NA
GDP - real growth rate:0.9% (2000 est.)
GDP - per capita (PPP):$30,000 (2006 est.)
GDP - composition by sector:agriculture: 0%
industry: 4.9%
services: 95.1% (2005)
Labor force:44000
note: includes workers from all foreign countries (2005 est.)
Unemployment rate:0% (2005)
Population below poverty line:NA%
Household income or consumption by percentage share:lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):1.9% (2000)
Budget:revenues: $863 million
expenditures: $920.6 million; including capital expenditures of $305 million (2005 est.)
Agriculture - products:none
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
Exports:$716.3 million
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France (2005)
Imports:$916.1 million
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France (2005)
Debt - external:$18 billion (2000 est.)
Economic aid - recipient:$NA
Currency (code):euro (EUR)
Currency code:EUR
Exchange rates:euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year:calendar year

Monaco Quickstats

  • Population: 32,671 (July 2007 est.)
  • Area: 1.95 sq km
  • Density: 18,285 /km² (1st)
  • GDP (total): $976 million (?)
  • GDP (per capita): $67,000 (50000 Euros)(April 07 est.) (2/3)
  • Literacy: 99%

Languages of Monaco

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  • Currency: Euro (EUR)
  • Dial code: +377

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