US: Monaco does not have an embassy
in the US
consulate(s) general: New York
honorary consulate(s) general: Boston, Chicago, Los Angeles, New
Orleans, San Francisco, San Juan (Puerto Rico)
honorary consulate(s): Dallas, Palm Beach, Philadelphia, and
Washington, DC

Diplomatic representation from the US: the US does not have an embassy
in Monaco; the US Consul General in Marseille (France) is accredited
to Monaco

Flag description: two equal horizontal bands of red (top) and white;
similar to the flag of Indonesia which is longer and the flag of
Poland which is white (top) and red

Economy

Economy - overview: Monaco, situated on the French Mediterranean
coast, 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. About 55% of Monaco's annual revenue comes from value-added
taxes on hotels, banks, and the industrial sector; about 25% of
revenue comes from tourism. Living standards are high, roughly
comparable to those in prosperous French metropolitan areas.

GDP: purchasing power parity - $800 million (1996 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $25,000 (1996 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index: NA%

Labor force:
total: 30,540 (1 January 1994)

Unemployment rate: 3.1% (1994)

Budget:
revenues: $570.4 million
expenditures: $570.1 million, including capital expenditures of $NA
(1994 est.)

Industrial production growth rate: NA%

Electricity - capacity: 10,000 kW standby
note: electricity imported from France

Electricity - production: NA kWh

Electricity - consumption per capita: NA kWh

Agriculture - products: none

Exports: $NA; full customs integration with France, which collects and
rebates Monegasque trade duties; also participates in EU market system
through customs union with France

Imports: $NA; full customs integration with France, which collects and
rebates Monegasque trade duties; also participates in EU market system
through customs union with France

Debt - external: $NA

Economic aid: $NA

Currency: 1 French fra