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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 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.

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 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. In October 2014, Monaco officially became the 84th jurisdiction participating in the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an effort to combat offshore tax avoidance and evasion.

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 and intensified in 2013, with GDP growth of more than 9%, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth.

Economic Facts#

GDP (purchasing power parity)$6.79 billion (2013 est.)
$6.213 billion (2012 est.)
$5.748 billion (2011 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$6.063 billion (2013 est.)
GDP - real growth rate9.3% (2013 est.)
1.2% (2012 est.)
7% (2011 est.)
GDP - per capita (PPP)$78,700 (2013 est.)
$73,200 (2012 est.)
$72,600 (2011 est.)
GDP - composition, by sector of originagriculture: 0%
industry: 14%
services: 86% (2013)
Agriculture - productsnone
Industriesbanking, insurance, tourism, construction, small-scale industrial and consumer products
Industrial production growth rate20% (2013)
Labor force52,000
note: includes all foreign workers (2014 est.)
Labor force - by occupationagriculture: 0%
industry: 16.1%
services: 83.9% (2012 est.)
Unemployment rate2% (2012)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $914.5 million
expenditures: $973 million (2011 est.)
Taxes and other revenues17.7% of GDP (2011 est.)
Budget surplus (+) or deficit (-)-1.1% of GDP (2011 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)1.5% (2010)
Market value of publicly traded shares$NA
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
Exports - partnersEurope 73.2%, Africa 14.6%, America 5.2%, Asia 4.9% (2013 est.)
Imports$1.162 billion (2011)
$850.2 million (2010)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Imports - partnersEurope 70.4%, Asia 20.8%, America 4.4%, Africa 4.1% (2013 est.)
Debt - external$NA
Exchange rateseuros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)