Economy - overview Monaco, situated on the French Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. In 2001, a major new construction project will extend 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. Monaco does not publish national income figures; the estimates below are extremely rough.

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

GDP - real growth rate NA%

GDP - per capita 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 euro (EUR); French franc (FRF)

Currency code EUR; FRF

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); French francs per US dollar - 5.8995 (1998), 5.8367 (1997)

Fiscal year calendar year

NOTE: The information regarding Monaco on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 2002 information contained here. All suggestions for corrections of any errors about Monaco Economy 2002 should be addressed to the CIA.