Economy of Monaco

Economy of Monaco
CurrencyEuro (EUR, €)
calendar year
Trade organisations
EUCU
Country group
Developed/Advanced High-income economy[1]
Statistics
PopulationSteady 39,150 (1 January 2021 est.)[2]
GDP
  • Increase $7.97 billion (nominal, 2021)[3]
  • Increase $7.672 billion (PPP, 2015 est.)[4]
GDP rank
GDP growth
  • 4.9% (2015) 3.5% (2016)
  • −3.4% (2017) 6.1% (2018)[5]
GDP per capita
  • Increase $185,741 (nominal, 2018)[6]
  • Increase $115,700 (PPP, 2015 est.)[4]
GDP per capita rank
GDP by sector
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. ^ "Monaco Employment". monacostatistics.mc. Monaco Statistics. Retrieved 20 April 2023.
  3. ^ "GDP (current US$) - Monaco". monacostatistics.mc. Monaco Statistics. Retrieved 3 February 2020.
  4. ^ a b "EUROPE :: MONACO". CIA.gov. Central Intelligence Agency. Retrieved 3 February 2020.
  5. ^ "GDP growth (annual %) - Monaco". data.worldbank.org. World Bank. Retrieved 3 February 2020.
  6. ^ "GDP per capita (current US$) - Monaco". data.worldbank.org. World Bank. Retrieved 3 February 2020.
  7. ^ "Monaco Employment". monacostatistics.mc. Monaco Statistics. Retrieved 20 April 2023.
  8. ^ "Monaco". The World Facebook. CIA. Retrieved 29 October 2019.
  9. ^ "Tobacco and Matches Board / Ministry of Finance and Economy / The Government / Government & Institutions / Portail du Gouvernement - Monaco".