Monaco: Economy

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 €846 million annual government income ($1.235 billion; 2007). 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 annual revenue.

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, 2008 estimates placed the gross domestic product at 4.492 billion euros (U.S. $6.086 billion); per capita income was not published for 2008. Monaco does not publish figures for unemployment.

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 almost no commercial agriculture in Monaco.

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (May 2011)