Economy of Monaco

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Economy of Monaco

Currency	Euro (EUR, €)
Fiscal year	calendar year
Trade organisations	EUCU
Country group	Developed/Advanced High-income economy[1]
Statistics
Population	38,367 (31 December 2023)[2]
GDP	$8.784 billion (nominal, 2022)[3] $7.672 billion (PPP, 2015 est.)[4]
GDP growth	-13.01% (2020 est.)[4] 21.87% (2021 est.)[4] 11.1% (2022 est.)[4]
GDP per capita	$240,862 (nominal, 2022)[5] $115,700 (PPP, 2015 est.)[4]
GDP by sector	agriculture: 0% industry: 12.3% services: 87.7% (2022 est.)[4]
Labour force	63,479 (2023)[6] 47.9% employment rate (2016)[7]
Unemployment	26.6% 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]}