exxun.com - Monaco

Economy	Monaco
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Economy - overview:	Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a major 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 vunerable 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 with GDEP growth of 2.5%, but Monaco's economic prospects remain clouded in uncertainty tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded a budget deficit of 1.8% of GDP in 2010. 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.
GDP (purchasing power parity):	$5.47 billion (2010 est.) $5.337 billion $6.03 billion note: data are in 2011 US dollars
GDP - per capita (PPP):	$NA (2010) $63,400 $71,600
GDP (official exchange rate):	$5.47 billion
GDP - real growth rate:	2.5% -11.5%
GDP - composition by sector:	agriculture: 0% industry: 4.9% services: 95.1% (2005)
Investment (gross fixed):	void
Population below poverty line:	NA%
Household income or consumption by percentage share:	lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index:	void
Inflation rate (consumer prices):	1.5% (2010)
Central bank discount rate:	void
Commercial bank prime lending rate:	void
Stock of money:	void
Stock of money - per capita:	void
Stock of quasi money:	void
Stock of quasi money - per capita:	void
Stock of domestic credit:	void
Stock of domestic credit - per capita:	void
Stock of narrow money:	void
Stock of broad money:	void
Labor force:	49,300 note: includes workers from all foreign countries (2010 est.)
Labor force participation rate:	161.43 % of population
Labor force - by occupation:	void
Unemployment rate:	0% (2005)
Unemployment, youth ages 15-24:	void
Budget:	revenues: $1.007 billion expenditures: $1.11 billion (2010 est.)
Budget revenues per capita:	32,975 USD per capita
Taxes and other revenues:	18.4% of GDP (2010 est.)
Budget surplus (+) or deficit (-):	-1.9% of GDP (2010 est.)
Public debt:	void
Industries:	tourism, construction, small-scale industrial and consumer products
Industrial production growth rate:	NA%
Electricity - production:	void
Electricity - production per capita:	void
Electricity - consumption:	NA kWh
Electricity - consumption - per capita:	void
Electricity - exports:	void
Electricity - imports:	NA kWh; note - electricity supplied by France
Oil - production:	void
Oil - production per capita:	void
Oil - consumption:	void
Oil - consumption - per capita:	void
Oil - exports:	void
Oil - imports:	void
Oil - proved reserves:	void
Natural gas - production:	void
Natural gas - production per capita:	void
Natural gas - consumption:	void
Natural gas - consumption - per capita:	void
Natural gas - exports:	void
Natural gas - imports:	void
Natural gas - proved reserves:	void
Agriculture - products:	none
Current account balance:	void
Current account balance - per capita:	void
Exports:	$711 million (2010) $716.3 million 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 per capita:	23,282 USD per capita
Exports - commodities:	void
Exports - partners:	void
Imports:	$882.6 million (2010) $916.1 million (2005) 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 per capita:	28,901 USD per capita
Imports - commodities:	void
Imports - partners:	void
Reserves of foreign exchange and gold:	void
Reserves of foreign exchange and gold - per capita:	void
Debt - external:	$NA (2000 est.)
Debt - external - per capita:	void
Stock of direct foreign investment - at home:	void
Stock of direct foreign investment - at home - per capita:	void
Stock of direct foreign investment - abroad:	void
Stock of direct foreign investment - abroad - per capita:	void
Market value of publicly traded shares:	$NA
Market value of publicly traded shares - per capita:	void
Currency (code):	euro (EUR)
Exchange rates:	euros (EUR) per US dollar - 0.7107 (2011 est.) 0.755 (2010 est.) 0.7198 (2009 est.) 0.6827 (2008 est.) 0.7345 (2007 est.)
Fiscal year:	calendar year

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This page was last updated on 3 February, 2012

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