Monaco Economic Statistics and Indicators

29, Oct 2020, EDT. Welcome to the Monaco economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Monaco › Change country
National or Regional Currency: Euro, EUR
Year of data: 2015 › Change year
Number of Indicators Listed:
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 30,508 ; note: immigrants make up more than 60% of the total population, according to UN data (2013) (July 2014 est.)
Area: total: 2 sq km ; land: 2 sq km ; water: 0 sq km
Natural Resources: none
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

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 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's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn 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, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded budget deficits in 2011-12. 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. 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.
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