ECONOMY
Monaco, located on the Mediterranean coast, has an economy primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco; the companies’ production accounts for around 50% of the €593 million annual government income (2002). The enterprises pay a 33.33% tax only if more than 25% of their revenue is generated abroad. Ever since Monaco’s famed casino opened in 1856, the tourism industry has been booming. It currently accounts for close to 25% of the annual revenue.
Customs,
postal services, telecommunications, and banking in Monaco are
governed by an economic and customs union with France. The official
currency is the euro.
Though official economic statistics are not published, 2006 estimates placed the gross domestic product at $976.3 million and the per capita income at $30,000. Monaco does not publish the figures for unemployment, but in 2005 the rate was estimated to be at 0%.
Monaco
is noted for its activity in the field of marine sciences. Its
Oceanographic Museum, formerly directed by Jacques Cousteau, is
one of the most renowned institutions of its kind in the world.
Monaco imports and exports products and services from all over
the world. There is no commercial agriculture in Monaco.
GDP: Monaco does not publish economic figures such as gross domestic product, though estimates placed purchasing power parity GDP at $976.3 million in 2006.
Avg. annual growth rate (2003 est.): 1.89%.
Per capita purchasing power parity GDP (2006 est.): $30,000.
Work force (2003, 41,708): Private sector--37,949. Public sector--3,759. Services--83.5%. Banking--23.43%. Tourism and hotel--11.64%. Retail--4.92%. Construction and public works--32.02%. Industry--6.98%.
Agricultural products: None.
Industry: Types--tourism, construction, chemicals, food products, plastics, precision instruments, cosmetics, ceramics.
Trade: Imports (2005)--$916.1 million. Exports (2005)--$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.
Currency: Monaco, along with France and the other 11 members of the European Monetary Union (EMU), adopted the euro (€) as its official currency on January 1, 2002. As in other EMU states, euros minted in Monaco have special Monegasque features on one side of the coin.
