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The Economy of Monaco

Monegasque or Monacan Economy

Monaco's map

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:

GDP - real growth rate: 0.9% (2000 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 0% industry: 4.9% services: 95.1% (2005)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

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

Labor force - by occupation:

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 - production:

Electricity - production by source:

Electricity - consumption: NA kWh

Electricity - exports:

Electricity - imports: NA kWh; note - electricity supplied by France

Oil - production:

Oil - consumption:

Oil - exports:

Oil - imports:

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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)

Exports - commodities:

Exports - partners:

Imports: $916.1 million f.o.b. 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 - commodities:

Imports - partners:

Debt - external: $18 billion (2000 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year: