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Economy of Monaco

Monaco is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Monaco is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Monaco exports around $1.12 billion and imports roughly $1.16 billion. 3.4% of population in the country are unemployed. The total number of unemployed people in Monaco is 1,322. Government expenditure on education is 8.2% of GDP. The Gini Index of the country is 27.49. Monaco is experiencing high equality. Differences in income among citizens are only mildly significant.

Currency

The currency of Monaco is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Monaco.

Central bank

Public debt

Monaco has a government debt of 77% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Monaco is set at 0%. The minimum personal income tax is0%.VAT in Monaco is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Monaco is $6.79 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Monaco was last recorded at $0 million. PPP in Monaco is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Monaco is 6,559 billion. Based on this statistic, Monaco is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Monaco was last recorded at $169 million. The average citizen in Monaco has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Monaco averaged 9.3% in 2014. According to this percentage, Monaco is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Monaco.

Industry

Major industries in the country are banking, insurance, tourism, construction, small-scale industrial and consumer products. The total labor force of Monaco is 44,000 people, wherein 3.4% of population in the country are unemployed. The total number of unemployed people in Monaco is 1,322. The Industrial Production growth rate of Monaco is 20%.To read more about industrial information within Monaco click on industry of Monaco.

Agriculture

There are 0 km2 of arable land in Monaco, and it comprises 0% of the country's total territory. There are 0 km2 of cultivated land in Monaco. To read more about agriculture click on agriculture of Monaco.