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Monaco Economy

    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. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. 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%

    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% (1994)

    Budget:
    revenues: $518 million
    expenditures: $531 million, including capital expenditures of $NA (1995)

    Industrial production growth rate: NA%

    Electricity—production: NA kWh

    Electricity—production by source:
    fossil fuel: NA%
    hydro: NA%
    nuclear: NA%
    other: NA%

    Electricity—consumption: NA kWh

    Electricity—exports: NA kWh

    Electricity—imports: 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—recipient: $NA

    Currency: 1 French franc (F) = 100 centimes

    Exchange rates: French francs (F) per US$1—5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995), 5.5520 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)