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Economy and Business in Monaco

Monaco's gross domestic product (GDP) increased by 10.9 per cent in the period from 2008 to 2018. GDP per capita is $ 185,744 (2018). Monaco has the highest GDP per capita in the world. Monaco's residents do not pay income and wealth taxes, and corporate taxes are low.

Business of Monaco

Service industries

According to COUNTRYAAH, tourism is the country's most important source of income. Monaco is especially known for the Monte Carlo casino. In 2017, 355,000 tourists visited the country. Most tourists come from Italy, France, the UK, USA, Germany and Russia. Monaco is also an important banking and financial center. The state is the largest owner of the Société des Bains de Mer, which operates the casino, restaurants and hotels, the opera and hosts the Monte Carlo Rally and Monaco Grand Prix.

Industry

In the Fontvieille industrial area, which lies in an area extracted from the sea, there is light industry. Production includes pharmaceuticals, cosmetics, beer and chocolate, as well as electrical and electronic equipment.

Primary

Fishing and farming are insignificant.

Transport and Communications

The total road network is 100 kilometers. There are good road links to both France and Italy. The Principality is linked to the French railway network. Hercules Port, which is a deep water port, is the country's largest port. The nearest international airport is at Nice.

Foreign Trade

In 2018, Monaco's exports amounted to USD 964.6 million, while imports amounted to USD 1370 million. With this, the country had a deficit in the foreign trade balance of over US $ 400 million. Monaco has a customs union with France. In 2002, the euro became the country's currency.

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