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, non-polluting 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.

GDP: $324 million, per capita $11,000; real growth rate NA% (1990 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: full employment (1989)

Budget: revenues $386 million; expenditures $426, including capital expenditures of $NA (1988 est.)

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 (1988); power supplied by France

Industries: tourism, pharmaceuticals, precision instruments, glassmaking, printing, finance

Agriculture: NA

Economic aid: NA

Currency: French franc (plural--francs); 1 French franc (F) = 100 centimes

Exchange rates: French francs (F) per US$1--5.1307 (January 1991), 5.4453 (1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985)

Fiscal year: calendar year

NOTE: The information regarding Monaco on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 1991 information contained here. All suggestions for corrections of any errors about Monaco Economy 1991 should be addressed to the CIA.