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 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):
$976.3 million (2006 est.)
country comparison to the world: 202
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$NA
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
NA% (2000 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$30,000 (2006 est.)
country comparison to the world: 46
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 0%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 4.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 95.1% (2005)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
44,000
country comparison to the world: 192
note: includes workers from all foreign countries (2005 est.)
[see also: Labor force country ranks ]

Unemployment rate:
0% (2005)
country comparison to the world: 1
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $863 million
[see also: Budget - revenues country ranks ]
expenditures: $920.6 million (2005 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
1.9% (2000)
country comparison to the world: 55
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
none

Industries:
tourism, construction, small-scale industrial and consumer products

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Electricity - consumption:
NA kWh
[see also: Electricity - consumption country ranks ]

Electricity - imports:
NA kWh; note - electricity supplied by France
[see also: Electricity - imports country ranks ]

Exports:
$716.3 million (2005)
country comparison to the world: 162
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
[see also: Exports country ranks ]

Imports:
$916.1 million (2005)
country comparison to the world: 173