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Monaco: Economy

Economy Monaco
Economy - overview:
Monaco, situated on the French Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. In 2001, a major new construction project will extend the pier used by cruise ships in the main harbor. 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. 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. Monaco does not publish national income figures; the estimates below are extremely rough.
GDP:
purchasing power parity - $870 million (1999 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $27,000 (1999 est.)
GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
NA%
Labor force:
30,540 (January 1994)
Unemployment rate:
3.1% (1998)
Budget:
revenues: $518 million
expenditures: $531 million, including capital expenditures of $NA (1995)
Industries:
tourism, construction, small-scale industrial and consumer products
Industrial production growth rate:
NA%
Electricity - consumption:
NA kWh
Electricity - imports:
NA kWh
note: electricity supplied by France
Agriculture - products:
none
Exports:
$NA; full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Imports:
$NA; full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
euro (EUR)
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.06 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); French francs per US dollar - 5.8995 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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