Economy of Monaco

Economy of Monaco
CurrencyEuro (EUR, €)
calendar year
Trade organisations
EUCU
Country group
Developed/Advanced High-income economy[1]
Statistics
PopulationDecrease 38,367 (31 December 2023)[2]
GDP
  • Increase $8.784 billion (nominal, 2022)[3]
  • $7.672 billion (PPP, 2015 est.)[4]
GDP growth
  • Decrease -13.01% (2020 est.)[4]
  • Increase 21.87% (2021 est.)[4]
  • Increase 11.1% (2022 est.)[4]
GDP per capita
  • Increase $240,862 (nominal, 2022)[5]
  • Increase $115,700 (PPP, 2015 est.)[4]
GDP by sector
Labour force
  • Increase 63,479 (2023)[6]
  • 47.9% employment rate (2016)[7]
Unemployment26.6% youth unemployment (2016 est.)[4]
All values, unless otherwise stated, are in US dollars.

The economy of Monaco is reliant on tourism and banking.[8] Monaco, situated on the French coast of the Mediterranean Sea, 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 gambling, tobacco, the telephone network, and the postal service.[9][citation needed]

Denture adhesion rings made in Monaco, early to mid 20th century
  1. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  2. ^ "Population census". monacostatistics.mc. Monaco Statistics. Retrieved 3 October 2024.
  3. ^ "GDP (current US$) - Monaco". data.worldbank.org. World Bank. Retrieved 3 October 2024.
  4. ^ a b c d e f g "Monaco". cia.gov. Central Intelligence Agency. Retrieved 3 October 2024.
  5. ^ "GDP per capita (current US$) - Monaco". data.worldbank.org. World Bank. Retrieved 3 October 2024.
  6. ^ "Employment indicators 2023". monacostatistics.mc. Monaco Statistics. Retrieved 3 October 2024.
  7. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Monaco". data.worldbank.org. World Bank. Retrieved 3 October 2024.
  8. ^ "Monaco". cia.gov. Central Intelligence Agency. Retrieved 3 October 2024.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "Tobacco and Matches Board / Ministry of Finance and Economy / The Government / Government & Institutions / Portail du Gouvernement - Monaco".