Monaco: Economy

The World Factbook 1993: Monaco 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 50% of Monaco's annual revenue comes from value-added taxes on hotels, banks, and the industrial sector; about 25% of revenue comes from tourism. Living standards are high, that is, roughly comparable to those in prosperous French metropolitan suburbs.

National product: GDP - exchange rate conversion - $475 million (1991 est.)

National product real growth rate: NA%

National product per capita: $16,000 (1991 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: NEGL%

Budget: revenues $424 million; expenditures $376 million, including capital expenditures of $NA (1991)

Exports: $NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EC market system through customs union with France Imports: $NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EC market system through customs union with France

External debt: $NA

Industrial production: growth rate NA%

Electricity: 10,000 kW standby capacity (1992); power imported from France

Agriculture: NA

Economic aid: NA

Currency: 1 French franc (F)=100 centimes

Exchange rates: French francs (F) per US$1 - 5.4812 (January 1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988)

Fiscal year: calendar year