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 banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. 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.
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. In October 2014, Monaco officially became the 84th jurisdiction participating in the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an effort to combat offshore tax avoidance and evasion.
Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to downturns in France and other European economies which are the principality's main trade partners. In 2009, Monaco's GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010 and intensified in 2013, with GDP growth of more than 9%, but Monaco's economic prospects remain uncertain.
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
country comparison to the world (CIA rank, may be based on non-current data):
165
[see also: GDP country ranks ]
GDP (official exchange rate):
$6.006 billion
(2015 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5.4%
(2015 est.)
7.2%
(2014 est.)
9.6%
(2013 est.)
country comparison to the world (CIA rank, may be based on non-current data):
40
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$115,700
(2015 est.)
$109,200
(2014 est.)
$101,900
(2013 est.)
country comparison to the world (CIA rank, may be based on non-current data):
4
[see also: GDP - per capita country ranks ]
GDP - composition, by sector of origin:
agriculture: 0%
[see also: Labor force - by occupation - agriculture country ranks ]
(2013)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14%
(2013)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 86%
(2013)
[see also: GDP - composition, by sector of origin - services country ranks ]
Industries:
banking, insurance, tourism, construction, small-scale industrial and consumer products
Industrial production growth rate:
6.8%
(2015)
country comparison to the world (CIA rank, may be based on non-current data):
33
[see also: Industrial production growth rate country ranks ]
Labor force:
52,000
(2014 est.)
note: includes all foreign workers
country comparison to the world (CIA rank, may be based on non-current data):
190
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 0%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 16.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 83.9%
(2012 est.)
[see also: Labor force - by occupation - services country ranks ]
Unemployment rate:
2%
(2012)
country comparison to the world (CIA rank, may be based on non-current data):
19
[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: 896.3 million
(2011 est.)
[see also: Budget - revenues country ranks ]
expenditures: 953.6 million
(2011 est.)
[see also: Budget - expenditures country ranks ]
Taxes and other revenues:
14.9% (of GDP)
(2011 est.)
country comparison to the world (CIA rank, may be based on non-current data):
196
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-1% (of GDP)
(2011 est.)
country comparison to the world (CIA rank, may be based on non-current data):
80
[see also: Budget surplus (+) or deficit (-) country ranks ]
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.5%
(2010)
country comparison to the world (CIA rank, may be based on non-current data):
84
[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 ]
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
country comparison to the world (CIA rank, may be based on non-current data):
161
[see also: Exports country ranks ]
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
country comparison to the world (CIA rank, may be based on non-current data):
176
[see also: Imports country ranks ]
NA
[see also: Debt - external country ranks ]
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.)
