MONACO
Economy
Economy
Cities in MONACO
| Monaco city |
Economy
The economic ties between Monaco and France are particularly close. They form a customs union. Monaco does not possess any natural resources and is largely dependent on France for this. Many goods are also imported from France, Monaco's largest trading partner.
The only problem Monaco has economically is the lack of space. Land reclamation projects are the only means of expansion.
The Monegasque government generates more than half of its revenue from VAT on hotels, banks and industry. However, income and corporate taxes are so low that it is very interesting for foreign companies and rich people to settle in Monaco.
The service sector, especially financial services, is the most important sector in the Monegasque economy. Furthermore, over the last decade, Monaco has been strongly promoted as a centre for international conferences.
The banking and insurance sectors have been growing in importance over the last few decades. Many head offices of French and international banks are located in Monaco.
Other pillars of the economy are trade, the real estate sector, the postal service and telephone services.
In terms of industrial policy, the emphasis is on environmentally friendly, high value-added companies, with the chemical, pharmaceutical and cosmetics industries in the Fontvieille district. The industrial sector employs about 25% of the Monegasque labour force.
Sources
Côte d’Azur
Lannoo
Eck, N. van / Provence, Côte d’Azur
Gottmer/Becht
Gauldie, R. / Provence & Côte d’Azur
Van Reemst
Noe, B.A. / Provence en Côte d’Azur
Kosmos-Z&K
Provence, Côte d’Azur
ANWB
Simons, J. / Minilanden : een presentatie van de vijf kleinste landen ter wereld: Vaticaanstad, Monaco, Nauru, Tuvalu, San Marino
Conquistador
Zwijnenburg, H. / Provence, Côte d’Azur
ANWB
CIA - World Factbook
BBC - Country Profiles
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