MonacoEconomy—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 100% of Monaco's annual revenue comes from value-added taxes on hotels banks and the industrial sector. 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: $623.3 million expenditures: $638.7 million including capital expenditures of $NA (1995 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 franc (F) = 100 centimes Exchange rates: French francs (F) per US$1—6.0836 (January 1998) 5.8367 (1997) 5.1155 (1996) 4.9915 (1995) 5.5520 (1994) 5.6632 (1993) Fiscal year: calendar year
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