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Monaco Economy 2015
http://www.theodora.com/wfbcurrent/monaco/monaco_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

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 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's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn 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, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded budget deficits in 2011-12. 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):
$6.213 billion (2012 est.)
country comparison to the world: 165

$5.748 billion (2011 est.)
$5.47 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.748 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.9% (2012 est.)
country comparison to the world: 176

2.5% (2010 est.)
-11.5% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$85,500 (2011)
country comparison to the world: 5
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 0%
industry: 10%
services: 90% (2011)

Agriculture - products:
none

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

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

Labor force:
52,490
country comparison to the world: 191
note: includes all foreign workers (2012 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0%
industry: 16.1%
services: 83.9% (2012 est.)

Unemployment rate:
2% (2012)
country comparison to the world: 15
[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%
highest 10%: NA%

Budget:
revenues: $1.044 billion
expenditures: $1.111 billion (2011 est.)

Taxes and other revenues:
18.2% of GDP (2011 est.)
country comparison to the world: 174
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.2% of GDP (2011 est.)
country comparison to the world: 65
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.5% (2010)
country comparison to the world: 43
[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:
$1.115 billion (2011)
country comparison to the world: 156

$684.9 million (2010)
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 ]

Exports - partners:
Europe 73.2%, Africa 14.6%, America 5.2%, Asia 4.9% (2013 est.)

Imports:
$1.162 billion (2011)
country comparison to the world: 177

$850.2 million (2010)
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: Imports country ranks ]

Imports - partners:
Europe 70.4%, Asia 20.8%, America 4.4%, Africa 4.1% (2013 est.)

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Monaco on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 2015 information contained here. All suggestions for corrections of any errors about Monaco Economy 2015 should be addressed to the CIA.



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