Monaco Economy
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Monaco had an estimated population of 32,543 in 2006. Estimated GDP, calculated at purchasing power parity stood at $976.3 million for same period. In 2003, 3,759 people in Monaco were employed in its public sector and 37,949 in its private sector. Out of which 83.5% were in services sector, 6.98% in industry, 23.43% in banking sector, 32.02% in construction and public works, and 11.64% in tourism sector.
Monaco economy overview
Fishing, tourism and agriculture are prime industries in Micronesia. Fish, betel nut and kava are main exports of this nation. Main imports include food, fuel and manufactured goods. Fishing and subsistence farming are traditional sources of livelihood for this economy. This country also has some mineral deposits. Micronesia economy can evolve as a tourist destination with proper infrastructural development. Micronesia’s private sector is experiencing a slow growth at present. Reduction in US financial assistance has also posed some problems for this nation. Its geographical isolation and poor infrastructure are impediments in its march towards long run development.
Tourism, ceramics, construction, cosmetics, chemicals, precision instruments, food products and plastics are major industries of Monaco. Monaco has adopted euro (€) as official currency from January 1, 2002. Monaco’s import stood at $916.1 million in 2005. Comparable figure for exports was $716.3 million in same reference period. Monaco economy is characterized by low tax levels. For this reason various foreign companies have started production facilities in Monaco. Their production form a substantial portion of Monaco
GDP. Income taxes are nonexistent here. Monaco tourism industry is mostly propelled by its casinos. Banking, customs, telecommunications and postal services of Monaco are controlled by a regulatory alliance with France. Commercial agriculture is non -existent here. Monaco is renowned for its marine science activities. Living standards in Monaco are comparable to that of France.
Thus tourism and low tax levels are major vehicles of growth for Monaco economy. At present this economy is attempting a major product diversification.
