Economy overview: Monaco, located on the French Mediterranean coast, is a popular tourist resort with casinos and a pleasant climate. The Principality has successfully diversified, promoting the expansion of the service sector and the creation of small, non-polluting industries with a high rate of added value. There is no state income taxation and business taxes are low, making the country a tax haven both for individuals who settle in Monaco and for foreign companies doing business and opening offices here. The state maintains a monopoly in a number of sectors, including the production of tobacco products, the telephone network and show off. The standard of living is high, comparable to the standard of living in the most prosperous areas of France. Monaco does not publish national income data,
GDP: PPP $870 million (1999 est.)
Real GDP growth rate: no data available.
GDP per capita: Purchasing Power Parity $27,000 (1999 est.)
Composition of GDP by sectors of the economy: agriculture: no data; industry: no data; service sector: no data.
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: no data.
Labor force: 30,540 people (January 1994).
Unemployment rate: 3.1% (1998)
Budget: revenues: $518 million; expenses: $531 million, including capital investments – NA (1995).
Spheres of the economy: tourism, construction, small-scale production of industrial and consumer goods.
Growth in industrial production: no data available.
Electricity production: no data.
Sources of electricity generation:
Electricity consumption: Electricity
imports: n/a (electricity supplied from France).
Agricultural products: no.
Export: no data; full customs integration with France, which collects customs duties and returns them to the Monegasques; also, thanks to the customs union with France, participates in the EU market system.
Export items: Export
Import: no data; full customs integration with France, which collects customs duties and returns them to the Monegasques; also participates in the EU market system thanks to the customs union with France.
External debt: n/a. Recipient of economic assistance: no data.
Economic aid donor:
Currency: French franc, euro.
Currency code: FRF; EUR.
Exchange rate: EUR/USD – 1.0659 (January 2001), 1.0854 (2000), 0.9386 (1999); FRF/USD – 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 31 027 (1995).
Mobile cellular phones: no data available.
Telephone system: modern automatic telephone system; internal: no data; international: no satellite earth stations; cable connection to the French communication system.
Broadcasting stations: AM – 1, FM – no data, shortwave – 8 (1998).
Radio receivers: 34,000 (1997).
Television broadcast stations: 5 (1997).
TVs: 25,000 (1997).
Internet country code: mc
Internet service providers: 2 (2000).
Number of users: no data.
Transport Railways: total: 1.7 km; with standard gauge: 1.7 km (1.435 m gauge).
Roads: total: 50 km; coated: 50 km; unpaved: 0 km (2001 est.). See militarynous.com to know more about Monaco Military.
Ports and harbours: Monaco.
Merchant fleet: none (2000 est.).
Airports: Helicopter transfer to the airport in Nice (France). Helipads: 1 (scheduled flights between Nice International Airport, France and Fontvieilles helipad, Monaco). Armed Forces Armed Forces – note: France is responsible for defense.