Monaco Economy Profile 2008

Economy - overview

Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a major banking center and 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)

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)

Labor force

44,000
note: includes workers from all foreign countries (2005 est.)

Unemployment rate

0% (2005)

Budget

revenues: $863 million
expenditures: $920.6 million (2005 est.)

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

$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.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$NA

Currency (code)

euro (EUR)

Exchange rates

euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

Fiscal year

calendar year