View the information below regarding the economy of Monaco. The summary and statistics contains
gdp, industry, agriculture and more for Monaco. If you need other information please visit the
Monaco Country Page.
GDP: Monaco does not publish economic figures such as gross domestic product, though estimates placed GDP at $870 million in 1999.
Avg. annual growth rate: Not available.
Per capita GDP (1999 est.): $27,000.
Industry: Types--tourism, construction, chemicals, food products, plastics, precision instruments, cosmetics, ceramics.
Trade: Imports (2000)--about $472 million. Exports (2000)--about $492 million.
Currency: Monaco, along with France and the other 11 members of the European Monetary Union, adopted the Euro as its official currency on January 1, 2002. As in other EMU states, Euros minted in Monaco will have special Monegasque features on one side of the coin.
Economy of Monaco
Monaco, located on the Mediterranean coast, has an economy primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco and account for around 50% of the $518 million annual government income (2001). Similarly, tourism accounts for close to 25% of the annual revenue, as the Principality of Monaco also has been a major center for tourism ever since its famed casino was established in 1856.
Customs, postal services, telecommunications, and banking in Monaco are governed by an economic and customs union with France. The official currency is the euro.
Though official economic statistics are not published, 1999 estimates place the national product at $870 million and the per capita income at $27,000. The unemployment rate is low, at 3.1% (1998).
Monaco is noted for its activity in the field of marine sciences. Its Oceanographic Museum, formerly directed by Jacques Cousteau, is one of the most renowned institutions of its kind in the world. Monaco imports and exports products and services from all over the world. There is no commercial agriculture in Monaco.