Monaco Economy Profile 2001

Economy - overview

Monaco, situated on the French Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. 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)

purchasing power parity - $870 million (1999 est.)

GDP - real growth rate

NA%

GDP - per capita (PPP)

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 (1999)

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

French franc (FRF); euro (EUR)

Currency (code)

FRF; EUR

Exchange rates

euros per US dollar - 1.0659 (January 2001), 1.0854 (2000), 0.9386 (1999); French francs per US dollar - 5.8995 (1998), 5.8367 (1997), 5.1155 (1996)

Fiscal year

calendar year