Political parties and leaders: National and Democratic Union or
International organization participation: ACCT, ECE, IAEA, ICAO,
ICRM, IFRCS, IHO, IMO, Inmarsat, Intelsat, Interpol, IOC, ITU, OPCW,
OSCE, UN, UNCTAD, UNESCO, UPU, WHO, WIPO, WMO
Diplomatic representation in the US: Monaco does not have an
embassy in the US
consulate(s): New York
Diplomatic representation from the US: the US does not have an
embassy in Monaco; the US Consul General in Marseille (France) is
accredited to Monaco
Flag description: 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
Economy
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. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. About 55% of Monaco's annual revenue comes from value-added taxes on hotels, banks, and the industrial sector. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.
GDP: purchasing power parity—$800 million (1996 est.)
GDP—real growth rate: NA%
GDP—per capita: purchasing power parity?$25,000 (1996 est.)