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 |