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Monaco: Economy#

Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a 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. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn in France and other European economies which are the principality's main trade partners. In 2009, Monaco's GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded budget deficits in 2011-12. Monaco was formally removed from the OECD's "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. 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.

Economic Facts#

GDP (purchasing power parity)$6.213 billion (2012 est.)
$5.748 billion (2011 est.)
$5.47 billion (2010 est.)
note: data are in 2012 US dollars
GDP - real growth rate0.9% (2012 est.)
2.5% (2010 est.)
-11.5% (2009 est.)
GDP - per capita (PPP)$85,500 (2011)
GDP - composition, by sector of originagriculture: 0%
industry: 10%
services: 90% (2011)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 0%
industry: 16.1%
services: 83.9% (2012 est.)
Exports - partnersEurope 73.2%, Africa 14.6%, America 5.2%, Asia 4.9% (2013 est.)
Agriculture - productsnone
Budgetrevenues: $1.044 billion
expenditures: $1.111 billion (2011 est.)
Imports - partnersEurope 70.4%, Asia 20.8%, America 4.4%, Africa 4.1% (2013 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$1.115 billion (2011)
$684.9 million (2010)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Debt - external$NA
Fiscal yearcalendar year
Imports$1.162 billion (2011)
$850.2 million (2010)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Industrial production growth rateNA%
Industriesbanking, insurance, tourism, construction, small-scale industrial and consumer products
Inflation rate (consumer prices)1.5% (2010)
Labor force52,490
note: includes all foreign workers (2012 est.)
Unemployment rate2% (2012)
GDP (official exchange rate)$5.748 billion (2011 est.)
Market value of publicly traded shares$NA
Taxes and other revenues18.2% of GDP (2011 est.)
Budget surplus (+) or deficit (-)-1.2% of GDP (2011 est.)