Economy of Monaco

Economy of Monaco
	Monaco as seen from the Place du Palais in Monaco-Ville
Currency	Euro (EUR, €)
Fiscal year	calendar year
Trade organisations	EUCU
Country group	Developed/Advanced High-income economy
Statistics
Population	38,367 (31 December 2023)
GDP	$10.00 billion (nominal, 2023); $7.672 billion (PPP, 2015 est.);
GDP growth	-13.01% (2020 est.); 21.87% (2021 est.); 11.1% (2022 est.);
GDP per capita	$256,581 (nominal, 2023); $115,700 (PPP, 2015 est.);
GDP by sector	Agriculture: 0%; Industry: 12.3%; Services: 87.7%; (2022 est.); Preview warning: Page using Template:Plainlist with unknown parameter "gross external debt" Preview warning: Page using Template:Plainlist with unknown parameter "unemployment" Preview warning: Page using Template:Plainlist with unknown parameter "occupations" Preview warning: Page using Template:Plainlist with unknown parameter "balance" Preview warning: Page using Template:Plainlist with unknown parameter "industries" Preview warning: Page using Template:Plainlist with unknown parameter "imports" Preview warning: Page using Template:Plainlist with unknown parameter "cianame" Preview warning: Page using Template:Plainlist with unknown parameter "expenses" Preview warning: Page using Template:Plainlist with unknown parameter "revenue" Preview warning: Page using Template:Plainlist with unknown parameter "exports"
Labour force	63,479 (2023); 47.9% employment rate (2016);
Unemployment	26.6% youth unemployment (2016 est.)
	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.