- Economy of Monaco
This is an overview of the economy of
Monaco. Monaco, situated on the French coast of the Mediterranean Sea, is a popular resort, attracting tourists to its casino and pleasant climate.
Principalityhas successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state has no income taxand low business taxes and thrives as a tax havenboth for individuals who have established residence and for foreign companies that have set up businesses and offices. 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. Monaco does not publish national income figures; the estimates below are extremely rough.
Economic development was spurred in the late 19th century with the opening of the rail link to France and a
casino. Monaco's economy is now primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco and account for around 50% of the $586 million annual government income (1997). Similarly, tourism accounts for close to 25% of the annual revenue, as the Principality of Monaco also has been a major centre for tourism ever since the famed casino was established in 1856. The casino is alluded to in the ABBAsong " Money, Money, Money".
Customs, postal services, telecommunications, and banking in Monaco are governed by an economic and customs union with France. Before the Euro, Monaco used the
French franc. Now part of the Eurozone, but not the EU, Monaco mints its own Euro coins.
Though official economic statistics are not published, year 2000 estimates place the national product at $870 million and the per capita income at $27,000. The unemployment rate is 0%, as of 2007. [https://www.cia.gov/library/publications/the-world-factbook/geos/mn.html]
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.
Economy of Europe
* [http://money.guardian.co.uk/tax/story/0,1456,1152758,00.html Guardian article on tax havens, discussion of Monaco]
* [https://www.cia.gov/library/publications/the-world-factbook/geos/mn.html CIA World Factbook entry on Monaco]
Wikimedia Foundation. 2010.
Look at other dictionaries:
Monaco — /mon euh koh , meuh nah koh/; Fr. /maw nann kaw /; It. /maw nah kaw /, n. 1. a principality on the Mediterranean coast, bordering SE France. 31,892; 1/2 sq. mi. (1.3 sq. km). 2. the capital of this principality. 1685. * * * Monaco Introduction… … Universalium
Monaco — This article is about the city state. For other uses, see Monaco (disambiguation). Principality of Monaco Principatu de Múnegu (Monégasque) Principauté de Monaco (French) … Wikipedia
Monaco — <p></p> <p></p> Introduction ::Monaco <p></p> Background: <p></p> The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling Grimaldi family first seized temporary… … The World Factbook
Economy of Cyprus — Cypriot one euro coin Rank 91st (nominal) 109th (PPP) … Wikipedia
Economy of Denmark — National Bank (central bank) of Denmark. Rank 46 Currency Danish krone (DKK, kr) … Wikipedia
Economy of Finland — Rank 51 Currency Euro (EUR) Fiscal year calendar year Trade organisations European Union World Trade Organization (WTO) … Wikipedia
Economy of Germany — Downtown Frankfurt Rank 4th (nominal) / 5th (PPP) Currency … Wikipedia
Economy of Romania — Currency Leu (Leu or RON) Fiscal year Calendar year Trade organisations European Union, WTO Statistics … Wikipedia
Economy of Iceland — Iceland Rank 129th Currency Icelandic króna (ISK) … Wikipedia
Economy of the Czech Republic — Economy of Czech Republic Headquarters of Czech National Bank in Prague Rank 42nd (PPP) … Wikipedia