Economy


GDP: Monaco does not publish economic figures such as gross domestic product, though estimates placed purchasing power parity GDP at $870 million in 2000.
Avg. annual growth rate (2003 est.): 1.89%.
Per capita purchasing power parity GDP (2000 est.): $27,000.
Agriculture: None.
Industry: Types--tourism, construction, chemicals, food products, plastics, precision instruments, cosmetics, ceramics.
Trade: Imports (2003)--about $513 million (416,348,096 euros). Exports (2003)--about $644 million (522,976,329 euros).
Currency: Monaco, along with France and the other 11 members of the European Monetary Union (EMU), adopted the euro as its official currency on January 1, 2002. As in other EMU states, Euros minted in Monaco have special Monegasque features on one side of the coin.

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; the companies’ production accounts for around 50% of the €593 million annual government income (2002). The enterprises pay a 33.33% tax only if more than 25% of their revenue is generated abroad. Ever since Monaco’s famed casino opened in 1856, the tourism industry has been booming. It currently accounts for close to 25% of the annual revenue. The casino itself only accounts for 4% of the country's revenue and the Telecoms for 5%.

Monaco spends over 2 million euro per year on cooperation and development programs with third world  and poorer countries.

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, 2000 estimates placed the national product at $870 million and the per capita income at $27,000. Monaco does not publish the figures for unemployment, but in 1998 the rate was estimated to be at 3.1%.

Monaco is noted for its activity in the field of marine sciences. Its Oceanographic Museum, formerly directed by Jacques-Yves 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.