Economy of Monaco
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 tobacco, the telephone network, and the postal service.
Though official economic statistics are not published, year 2011 estimates place the national product at $5.748 billion and the per capita income at $188,409. The unemployment rate is 2%, as of 2012.
Living standards are high and roughly comparable to those in the prosperous French metropolitan areas. Monaco does not publish national income figures; the estimates below are extremely rough.
Economic development was spurred in the late 19th century with the opening of the rail link to France and a casino. Monaco's economy is now primarily geared toward finance, commerce, and tourism.
Low taxes have drawn many foreign companies to Monaco and account for around 75% of the $5.748 billion annual GDP income in (2011).
Monaco is noted for its activity in the field of marine sciences. Its Oceanographic Museum, formerly directed by Jacques-Yves Cousteau, is one of the most renowned institutions of its kind in the world. Monaco imports and exports products and services from all over the world. There is no commercial agriculture in Monaco; it is 100% urban.
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