Country Summary: Monaco (Principality of Monaco)
Country Name: Monaco (Principality of Monaco)
Capital: Monaco
Government Type: constitutional monarchy
Background: The Genoese built a fortress on the site of present-day Monaco in 1215. The current ruling Grimaldi family first seized control in 1297 but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, coastal Mediterranean scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.
Continent: Europe
Population: 31,597 (2023 est.)
note: immigrants make up almost 68% of the total population, according to UN data (2019)
Ethnic Groups: Monegasque 32.1%, French 19.9%, Italian 15.3%, British 5%, Belgian 2.3%, Swiss 2%, German 1.9%, Russian 1.8%, American 1.1%, Dutch 1.1%, Moroccan 1%, other 16.6% (2016 est.)
Languages: French (official), English, Italian, Monegasque
Religions: Roman Catholic 90% (official), other 10%
Economic Overview: high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises
Currency: European Euro (EUR)
Real GDP (Purchasing Power Parity): $7.672 billion (2015 est.) note: data are in 2015 dollars
Real GDP Growth Rate: 11.1% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $115,700 (2015 est.)
Exports:
$964.6 million (2017 est.)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Comparison Ranking: 183
Export Commodities: jewelry, perfumes, watches, packaged medicines, cars (2021)
Export Partners: Italy, Switzerland, Germany, Belgium, Spain
Imports:
$1.371 billion (2017 est.)
note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
Comparison Ranking: 184
Import Commodities: jewelry, cars and vehicle parts, recreational boats, plastic products, artwork (2021)
Import Partners: Italy, Switzerland, United Kingdom, Germany, China (2021)
Natural Resources: none
Agricultural Products: none
Industries: banking, insurance, tourism, construction, small-scale industrial and consumer products
Industrial Production Growth Rate:
4.3% (2014 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 86
Labor Force: 52,000 (2014 est.) note: includes all foreign workers
Unemployment Rate: 2% (2012)
Natural Hazards: Geography:
Total: 2 sq km
Land: 2 sq km
Water: 0 sq km
(Country Summary, The World Factbook, CIA.gov)
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