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. About 55% of Monaco's annual revenue comes from value-added taxes on hotels, banks, and the industrial sector. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

GDP purchasing power parity - $800 million (1996 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $25,000 (1996 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index NA%

Labor force
total: 30,540 (1 January 1994)

Unemployment rate 3.1% (1994)

Budget
revenues: $623.3 million
expenditures: $638.7 million, including capital expenditures of $NA (1995 est.)

Industrial production growth rate NA%

Electricity - capacity 10,000 kW standby
note: electricity imported from France

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

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 $NA

Currency 1 French franc (F) = 100 centimes

Exchange rates French francs (F) per US$1 - 6.0836 (January 1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995), 5.5520 (1994), 5.6632 (1993)

Fiscal year calendar year

NOTE: The information regarding Monaco on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 1998 information contained here. All suggestions for corrections of any errors about Monaco Economy 1998 should be addressed to the CIA.