Economy of Monaco

Economy of Monaco
Currency	Euro (EUR, €)
Fiscal year	calendar year
Trade organisations	EUCU
Country group	Developed/Advanced High-income economy
Statistics
Population	39,150 (1 January 2021 est.)
GDP	$7.97 billion (nominal, 2021); $7.672 billion (PPP, 2015 est.);
GDP rank	145th (nominal, 2017); 158th (PPP, 2015);
GDP growth	4.9% (2015) 3.5% (2016); −3.4% (2017) 6.1% (2018);
GDP per capita	$185,741 (nominal, 2018); $115,700 (PPP, 2015 est.);
GDP per capita rank	2nd (nominal, 2017); 3rd (PPP, 2015);
GDP by sector	agriculture: 0.4%; industry: 14.1%; services: 85.5%; (2021);
	; All values, unless otherwise stated, are in US dollars.

The economy of Monaco is reliant on tourism and banking. Monaco, situated on the French coast of the Mediterranean Sea, is a popular resort, attracting tourists to its casino and pleasant climate.

The Principality 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. The state retains monopolies in a number of sectors, including gambling, tobacco, the telephone network, and the postal service.

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