Economy - overview:
Monaco, bordering France on the Mediterranean coast, is a popular
resort, attracting tourists to its casino and pleasant climate. In
2001, a major construction project extended 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 (2000 est.)
GDP - real growth rate:
0.9% (2000 est.)
GDP - per capita:
purchasing power parity - $27,000 (2000 est.)
GDP - composition by sector: agriculture: 17% industry: NA% services: NA% (2001 est.)
Labor force:
30,540 (January 1994)
Unemployment rate:
22% (1999)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.9% (2000)