Economy

Economy—overview: Monaco 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 40% of Monaco's annual revenue comes from value-added taxes on hotels, banks and the industrial sector. Living standards are high.

GDP: purchasing power parity—$1,9 Billion (2004 est.)

GDP—real growth rate: NA%

GDP—per capita: purchasing power parity—$68,700 (2004 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