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The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling Grimaldi family first seized temporary control in 1297, and again in 1331, but were not able to permanently secure their 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, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.


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Economy

Economy - overview
Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a major banking center and 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. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn in France and other European economies which are the principality''s main trade partners. In 2009, Monaco''s GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010 with GDP growth of 2.5%, but Monaco''s economic prospects remain clouded in uncertainty tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded a budget deficit of 1.9% of GDP in 2010. Monaco was formally removed from the OECD''s "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Gdp (purchasing power parity) World Ranking: 162
$5.47 billion (2010 est.)
$5.337 billion (2009 est.)
$6.03 billion (2008 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$5.47 billion (2010 est.)

Gdp - real growth rate World Ranking: 138
2.5% (2010 est.)
-11.5% (2009)

Gdp - per capita (ppp)
$NA (2010)
$63,400 (2009 est.)
$71,600 (2008 est.)

Gdp - composition by sector
Agriculture 0%
Industry 4.9%
Services 95.1% (2005)

Labor force World Ranking: 191
49,300
Note
Includes workers from all foreign countries (2010 est.)

Unemployment rate World Ranking: 1
0% (2005)

Population below poverty line
NA%

Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA%

Budget
Revenues $1.007 billion
Expenditures $1.11 billion (2010 est.)

Taxes and other revenues World Ranking: 178
18.4% of GDP (2010 est.)

Budget surplus (+) or deficit (-) World Ranking: 72
-1.9% of GDP (2010 est.)

Inflation rate (consumer prices) World Ranking: 16
1.5% (2010)

Market value of publicly traded shares
$NA

Agriculture - products
None

Industries
Tourism, construction, small-scale industrial and consumer products

Industrial production growth rate
NA%

Electricity - consumption
NA kWh

Electricity - imports
NA kWh; note - electricity supplied by France

Exports World Ranking: 164
$711 million (2010)
$716.3 million (2005)
Note
Full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France

Imports World Ranking: 178
$882.6 million (2010)
$916.1 million (2005)
Note
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

Exchange rates
Euros (EUR) per US dollar -
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.)

Fiscal year
Calendar year


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