Monaco Economy - 1990
SOURCE: 1990 CIA WORLD FACTBOOK
Overview: No data are published on the economy. 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, non-polluting 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.
Inflation rate (consumer prices): NA%
Unemployment rate: full employment (1989)
Budget: revenues $386 million; expenditures $NA, including capital expenditures of $NA (1988 est.)
Exports: $NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EC market system through customs union with France
Imports: $NA; full customs integration with France, which collects and rebates Monacan trade duties; also participates in EC market system through customs union with France
External debt: $NA
Industrial production: growth rate NA%
Electricity: 10,000 kW standby capacity (1988); power supplied by France
Industries: pharmaceuticals, food processing, precision instruments, glassmaking, printing, tourism
Currency: French franc (plural--francs); 1 French franc (F) = 100 centimes
Exchange rates: French francs (F) per US$1--5.7598 (January 1990), 6.3801 (1989), 5.9569 (1988), 6.0107 (1987), 6.9261 (1986), 8.9852 (1985)
Fiscal year: calendar year
NOTE: The information regarding Monaco on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Monaco Economy 1990 information contained here. All suggestions for corrections of any errors about Monaco Economy 1990 should be addressed to the CIA.