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Monaco Economy 2014
http://www.theodora.com/wfbcurrent/monaco/monaco_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 30, 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 with GDP growth of 2.5%, but Monaco''s economic prospects remain clouded in uncertainty tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded a budget deficit of 1.3% of GDP in 2012. 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):
$5.748 billion (2011 est.)
country comparison to the world: 166

$5.47 billion (2010 est.)
$5.337 billion (2009 est.)
note: data are in 2011 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:
5.1% (2011 est.)
country comparison to the world: 65

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

GDP - per capita:
$70,600 (2011)
country comparison to the world: 6

$63,400 (2009 est.)
$61,800 (2008 est.)
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 0%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 10%
services: 90% (2011)

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 ]

Labor force:
50,580
country comparison to the world: 191
note: includes workers from all foreign countries (2011 est.)
[see also: Labor force country ranks ]

Unemployment rate:
0% (2011)
country comparison to the world: 2
[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%

Budget:
revenues: $1.125 billion
[see also: Budget revenues country ranks ]
expenditures: $1.197 billion (2011 est.)

Taxes and other revenues:
19.6% of GDP (2011 est.)
country comparison to the world: 170
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.3% of GDP (2011 est.)
country comparison to the world: 69
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.5% (2010)
country comparison to the world: 28
[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:
$864.6 million (2011)
country comparison to the world: 162

$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 ]

Imports:
$847.9 million (2011)
country comparison to the world: 183

$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 ]

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

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 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 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 2014 information contained here. All suggestions for corrections of any errors about Monaco Economy 2014 should be addressed to the CIA.



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