Monaco Economy 1996

Overview:

Monaco, situated on the French Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The Principality 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. About 50% of Monaco's annual revenue comes from value-added taxes on hotels, banks, and the industrial sector; about 25% of revenue comes from tourism. Living standards are high, that is, roughly comparable to those in prosperous French metropolitan suburbs.

National product:

GDP - purchasing power parity - $558 million (1993 est.)

National product real growth rate:

NA%

National product per capita:

$18,000 (1993 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

NEGL%

Budget:

revenues:

$424 million

expenditures:

$376 million, including capital expenditures of $NA (1991 est.)

Exports:

$NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EU market system through customs union with France

Imports:

$NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EU market system through customs union with France

External debt:

$NA

Industrial production:

growth rate NA%

Electricity:

capacity:

10,000 kW standby; power imported from France

production:

NA kWh

consumption per capita:

NA kWh (1993)

Agriculture:

none

Economic aid:

$NA

Currency:

1 French franc (F) = 100 centimes

Exchange rates:

French francs (F) per US$1 - 5.9243 (January 1995), 5.520 (1994), 5.6632 (1993), 5.2938 (1992), 5.6421 (1991), 5.4453 (1990)

Fiscal year:

calendar year

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