Flag: two equal horizontal bands of red (top) and white; similar to the flag of Indonesia which is longer and the flag of Poland which is white (top) and red
@Monaco:Economy
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