Monaco Economy - 2023

Economic overview

high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises

Real GDP (purchasing power parity)

$7.672 billion (2015 est.)

$7.279 billion (2014 est.)

$6.79 billion (2013 est.)

note: data are in 2015 US dollars

Real GDP growth rate

21.55% (2021 est.)

-12.97% (2020 est.)

6.91% (2019 est.)

Real GDP per capita

$115,700 (2015 est.)

$109,200 (2014 est.)

$101,900 (2013 est.)

GDP (official exchange rate)

$6.006 billion (2015 est.)

Inflation rate (consumer prices)

1.5% (2010)

GDP - composition, by sector of origin

agriculture: 0% (2013)

industry: 14% (2013)

services: 86% (2013)

Agricultural products

none

Industries

banking, insurance, tourism, construction, small-scale industrial and consumer products

Industrial production growth rate

6.8% (2015)

Labor force

52,000 (2014 est.)

note: includes all foreign workers

Labor force - by occupation

agriculture: 0%

industry: 16.1%

services: 83.9% (2012 est.)

Unemployment rate

2% (2012)

Youth unemployment rate (ages 15-24)

total: 26.6%

male: 25.7%

female: 27.9% (2016 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $896.3 million (2011 est.)

expenditures: $953.6 million (2011 est.)

Budget surplus (+) or deficit (-)

-1% (of GDP) (2011 est.)

Taxes and other revenues

14.9% (of GDP) (2011 est.)

Fiscal year

calendar year

Exports

$964.6 million (2017 est.)

$1.115 billion (2011)

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 - partners

Italy, Switzerland, Germany, Belgium, Spain

Exports - commodities

jewelry, perfumes, watches, packaged medicines, cars (2021)

Imports

$1.371 billion (2017 est.)

$1.162 billion (2011 est.)

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 - partners

Italy, Switzerland, United Kingdom, Germany, China  (2021)

Imports - commodities

jewelry, cars and vehicle parts, recreational boats, plastic products, artwork (2021)

Debt - external

 NA

Exchange rates

euros (EUR) per US dollar -

0.885 (2017 est.)

0.903 (2016 est.)

0.9214 (2015 est.)

0.885 (2014 est.)

0.7634 (2013 est.)

NOTE: The information regarding Monaco on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Monaco 2023 information contained here. All suggestions for corrections of any errors about Monaco 2023 should be addressed to the CIA or the source cited on each page.