Monaco - Economic Indicators

Economic Overview

Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas. The state has no income tax and low business taxes and thrives as a tax haven both...

Continue reading View Factbook for Monaco

GDP Reference Last Previous Units Frequency
Nominal Gross Domestic Product 2011 4,370,000,000 4,040,000,000 NCU Annual
Real Gross Domestic Product 2008 3,614,491,486 3,285,901,350 NCU Annual
Demographics Reference Last Previous Units Frequency
Population 2016 38,499 38,307 # Annual

Factbook

Background

Background:
The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling GRIMALDI family first seized control in 1297 but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.

Geography

Location:
Western Europe, bordering the Mediterranean Sea on the southern coast of France, near the border with Italy
Geographic coordinates:
43 44 N, 7 24 E
Map references:
Europe
Area:
total: 2 sq km
land: 2 sq km
water: 0 sq km
country comparison to the world: 253
Area - comparative:
about three times the size of the National Mall in Washington, DC
Land boundaries:
total: 6 km
border countries (1): France 6 km
Coastline:
4.1 km
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 12 nm
Climate:
Mediterranean with mild, wet winters and hot, dry summers
Terrain:
hilly, rugged, rocky
Elevation:
mean elevation: NA
elevation extremes: lowest point: Mediterranean Sea 0 m
highest point: Chemin des R?voires on Mont Agel 162 m
Natural resources:
none
Land use:
agricultural land: 1%
arable land 0%; permanent crops 1%; permanent pasture 0%
forest: 0%
other: 99% (2011 est.)
Irrigated land:
0 sq km (2012)
Population - distribution:
the most densely populated country in the world; its entire population living on 2 square km
Natural hazards:
none
Environment - current issues:
NA no serious issues; actively monitors pollution levels in air and water
Environment - international agreements:
party to: Air Pollution, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
second-smallest independent state in the world (after the Holy See); smallest country with a coastline; almost entirely urban

People & Society

Population:
30,645 (July 2017 est.)
note: immigrants make up almost 55% of the total population, according to UN data (2017)
country comparison to the world: 217
Nationality:
noun: Monegasque(s) or Monacan(s)
adjective: Monegasque or Monacan
Ethnic groups:
Monegasque 32.1%, French 19.9%, Italian 15.3%, British 5%, Belgian 2.3%, Swiss 2%, German 1.9%, Russian 1.8%, American 1.1%, Dutch 1.1%, Moroccan 1%, other 16.6%
note: data represent population by country of birth (2016 est.)
Languages:
French (official), English, Italian, Monegasque
Religions:
Roman Catholic 90% (official), other 10%
Age structure:
0-14 years: 10.68% (male 1,685/female 1,587)
15-24 years: 9.27% (male 1,464/female 1,376)
25-54 years: 32.91% (male 5,067/female 5,018)
55-64 years: 14.94% (male 2,286/female 2,292)
65 years and over: 32.21% (male 4,387/female 5,483) (2017 est.)
population pyramid:
Median age:
total: 53.1 years
male: 51.7 years
female: 54.5 years (2017 est.)
country comparison to the world: 1
Population growth rate:
0.24% (2017 est.)
country comparison to the world: 179
Birth rate:
6.6 births/1,000 population (2017 est.)
country comparison to the world: 226
Death rate:
9.8 deaths/1,000 population (2017 est.)
country comparison to the world: 44
Net migration rate:
5.7 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 19
Population distribution:
the most densely populated country in the world; its entire population living on 2 square km
Urbanization:
urban population: 100% of total population (2017)
rate of urbanization: 0.8% annual rate of change (2015-20 est.)
Major urban areas - population:
MONACO (capital) 38,000 (2014)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.99 male(s)/female
65 years and over: 0.81 male(s)/female
total population: 0.95 male(s)/female (2017 est.)
Infant mortality rate:
total: 1.8 deaths/1,000 live births
male: 2.1 deaths/1,000 live births
female: 1.6 deaths/1,000 live births (2017 est.)
country comparison to the world: 225
Life expectancy at birth:
total population: 89.4 years
male: 85.6 years
female: 93.5 years (2017 est.)
country comparison to the world: 1
Total fertility rate:
1.53 children born/woman (2017 est.)
country comparison to the world: 193
Health expenditures:
4.3% of GDP (2014)
country comparison to the world: 160
Physicians density:
6.65 physicians/1,000 population (2014)
Hospital bed density:
13.8 beds/1,000 population (2012)
Drinking water source:
improved:
urban: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: NA
total: 100% of population
unimproved:
urban: 0% of population
rural: NA
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Education expenditures:
1.4% of GDP (2016)
country comparison to the world: 169

Government

Country name:
conventional long form: Principality of Monaco
conventional short form: Monaco
local long form: Principaute de Monaco
local short form: Monaco
etymology: founded as a Greek colony in the 6th century B.C., the name derives from two Greek words "monos" (single, alone) and "oikos" (house) to convey the sense of a people "living apart" or in a "single habitation"
Government type:
constitutional monarchy
Capital:
name: Monaco
geographic coordinates: 43 44 N, 7 25 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
none; there are no first-order administrative divisions as defined by the US Government, but there are 4 quarters (quartiers, singular - quartier); Fontvieille, La Condamine, Monaco-Ville, Monte-Carlo; note - Moneghetti, a part of La Condamine, is sometimes called the 5th quarter of Monaco
Independence:
1419 (beginning of permanent rule by the House of GRIMALDI)
National holiday:
National Day (Saint Rainier's Day), 19 November (1857)
Constitution:
history: previous 1911 (suspended 1959); latest adopted 17 December 1962
amendments: proposed by joint agreement of the chief of state (the prince) and the National Council; passage requires two-thirds majority vote of National Council members; amended 2002 (2016)
Legal system:
civil law system influenced by French legal tradition
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: the father must be a citizen of Monaco; in the case of a child born out of wedlock, the mother must be a citizen and father unknown
dual citizenship recognized: no
residency requirement for naturalization: 10 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Prince ALBERT II (since 6 April 2005)
head of government: Minister of State Serge TELLE (since 1 February 2016)
cabinet: Council of Government under the authority of the monarch
elections/appointments: the monarchy is hereditary; minister of state appointed by the monarch from a list of three French national candidates presented by the French Government
Legislative branch:
description: unicameral National Council or Conseil National (24 seats; 16 members directly elected in multi-seat constituencies by simple majority vote and 8 directly elected by proportional representation vote; members serve 5-year terms)
elections: last held on 11 February 2018 (next to be held in February 2023)
election results: percent of vote by party - Priorite Monaco 57.7%, Horizon Monaco 26.1%, Union Monegasque 16.2%; seats by party - Priorite Monaco 21, Horizon Monaco 2, Union Monegasque 1
Judicial branch:
highest court(s): Supreme Court (consists of 5 permanent members and 2 substitutes)
judge selection and term of office: Supreme Court members appointed by the monarch upon the proposals of the National Council, State Council, Crown Council, Court of Appeal, and Trial Court
subordinate courts: Court of Appeal; Civil Court of First Instance
Political parties and leaders:
Horizon Monaco [Laurent NOUVION]
Priorite Monaco [Stephane VALERI]
Renaissance [SBM (public corporation)]
Union Monegasque [Jean-Francois ROBILLON]
Political pressure groups and leaders:
NA
International organization participation:
CD, CE, FAO, IAEA, ICAO, ICC (national committees), ICRM, IFRCS, IHO, IMO, IMSO, Interpol, IOC, IPU, ITSO, ITU, OAS (observer), OIF, OPCW, OSCE, Schengen Convention (de facto member), UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WHO, WIPO, WMO
Diplomatic representation in the US:
chief of mission: Ambassador Maguy MACCARIO-DOYLE (since 3 December 2013)
chancery: 3400 International Drive NW, Suite 2K-100, Washington, DC 20008
telephone: (202) 234-1530
FAX: (202) 244-7656
consulate(s) general: New York
Diplomatic representation from the US:
the US does not have an embassy in Monaco; the US Ambassador to France is accredited to Monaco; the US Consul General in Marseille (France), under the authority of the US Ambassador to France, handles diplomatic and consular matters concerning Monaco
Flag description:
two equal horizontal bands of red (top) and white; the colors are those of the ruling House of Grimaldi and have been in use since 1339, making the flag one of the world's oldest national banners
note: similar to the flag of Indonesia which is longer and the flag of Poland which is white (top) and red
National symbol(s):
red and white lozenges (diamond shapes); national colors: red, white
National anthem:
name: "A Marcia de Muneghu" (The March of Monaco)
lyrics/music: Louis NOTARI/Charles ALBRECHT
note: music adopted 1867, lyrics adopted 1931; although French is commonly spoken, only the Monegasque lyrics are official; the French version is known as "Hymne Monegasque" (Monegasque Anthem); the words are generally only sung on official occasions

Economy

Economy - overview:
Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.
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. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco was formally removed from the OECD's "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. In October 2014, Monaco officially became the 84th jurisdiction participating in the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters, an effort to combat offshore tax avoidance and evasion.
Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to downturns in France and other European economies which are the principality's main trade partners. In 2009, Monaco's GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010 and intensified in 2013, with GDP growth of more than 9%, but Monaco's economic prospects remain uncertain.
GDP (purchasing power parity):
$7.672 billion (2015 est.)
$7.279 billion (2014 est.)
$6.79 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 166
GDP (official exchange rate):
$6.006 billion (2015 est.)
GDP - real growth rate:
5.4% (2015 est.)
7.2% (2014 est.)
9.6% (2013 est.)
country comparison to the world: 31
GDP - per capita (PPP):
$115,700 (2015 est.)
$109,200 (2014 est.)
$101,900 (2013 est.)
country comparison to the world: 3
GDP - composition, by sector of origin:
agriculture: 0%
industry: 14%
services: 86% (2013 est.)
Agriculture - products:
none
Industries:
banking, insurance, tourism, construction, small-scale industrial and consumer products
Industrial production growth rate:
6.8% (2015 est.)
country comparison to the world: 28
Labor force:
52,000
note: includes all foreign workers (2014 est.)
country comparison to the world: 191
Labor force - by occupation:
agriculture: 0%
industry: 16.1%
services: 83.9% (2012 est.)
Unemployment rate:
2% (2012 est.)
country comparison to the world: 13
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $878.4 million
expenditures: $934.6 million (2011 est.)
Taxes and other revenues:
14.6% of GDP (2011 est.)
country comparison to the world: 194
Budget surplus (+) or deficit (-):
-0.9% of GDP (2011 est.)
country comparison to the world: 56
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.5% (2010 est.)
country comparison to the world: 65
Market value of publicly traded shares:
$NA
Exports:
$964.6 million (2017 est.)
$1.115 billion (2011 est.)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
country comparison to the world: 158
Imports:
$1.371 billion (2017 est.)
$1.162 billion (2011 est.)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
country comparison to the world: 171
Debt - external:
$NA
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)

Communications

Telephones - fixed lines:
total subscriptions: 46,575
subscriptions per 100 inhabitants: 152 (July 2016 est.)
country comparison to the world: 159
Telephones - mobile cellular:
total: 33,297
subscriptions per 100 inhabitants: 109 (July 2016 est.)
country comparison to the world: 207
Telephone system:
general assessment: modern automatic telephone system; the country's sole fixed-line operator offers a full range of services to residential and business customers
domestic: combined fixed-line and mobile-cellular teledensity exceeds 250 per 100 persons
international: country code - 377; no satellite earth stations; connected by cable into the French communications system (2016)
Broadcast media:
TV Monte-Carlo operates a TV network; cable TV available; Radio Monte-Carlo has extensive radio networks in France and Italy with French-language broadcasts to France beginning in the 1960s and Italian-language broadcasts to Italy beginning in the 1970s; other radio stations include Riviera Radio and Radio Monaco (2012)
Internet country code:
.mc
Internet users:
total: 29,116
percent of population: 95.2% (July 2016 est.)
country comparison to the world: 204

Transportation

Civil aircraft registration country code prefix:
3A (2016)
Heliports:
1 (2012)
Roadways:
total: 77 km
paved: 77 km (2010)
country comparison to the world: 218
Ports and terminals:
major seaport(s): Monaco

Military & Security

Military branches:
no regular military forces; Directorate of Public Security (2012)
Military - note:
defense is the responsibility of France

Transnational Issues

Disputes - international:
none

Economic Indicators for Monaco including actual values, historical data, and latest data updates for the Monaco economy.