Monaco Economy - 2024

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

Unemployment rate

2% (2012)

Youth unemployment rate (ages 15-24)

total: 26.6% (2016 est.)

male: 25.7%

female: 27.9%

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

(2021)

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 -

Exchange rates:
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)

note: while not an EU member state, Monaco, due to its preexisting monetary and banking agreements with France, has a 1998 monetary agreement with the EU to produce limited euro coinage—but not banknotes—that began enforcement in January 2002 and superseded by a new EU agreement in 2012