Monaco Economy Overview

Monaco, a high-income European economy, stands out for its dynamic banking and tourism sectors. Despite not being an EU member, Monaco uses the euro due to its monetary agreement with France and the EU. The principality is renowned as a tax haven and boasts one of the highest real estate costs globally. In 2023, Monaco's real GDP per capita is estimated at an impressive $256,600, showcasing its economic vitality. The country has rebounded from the adverse effects of COVID-19, with a steady real GDP growth rate of 5% in 2023. Key export partners such as Italy, Switzerland, and Germany contribute to its economic landscape, while imports include significant commodities like jewelry and automobiles. Monaco's official GDP for 2024 is projected at $10.434 billion, reflecting its robust economic stature. The principality continues to attract global attention, not only for its fiscal policies but also for its cultural landmarks, like the renowned oceanographic museum.

Industries

banking, insurance, tourism, construction, small-scale manufacturing, and consumer goods

Exchange rates

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.876 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.95 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

Economic overview

high-income European economy; non-EU user of the euro; recognized as a tax haven; tourism and banking are the predominant sectors; adversely affected by COVID-19; hosts a significant oceanographic museum; ranks among the highest in real estate costs; features major state-owned enterprises

Exports - partners

Italy, Switzerland, Germany, Belgium, Spain

(2021)

Imports - partners

Italy, Switzerland, United Kingdom, Germany, China (2021)

Real GDP per capita

Real GDP per capita 2022

$226,100 (2022 est.)

Real GDP per capita 2023

$256,600 (2023 est.)

Real GDP per capita 2024

$270,100 (2024 est.)

Real GDP growth rate

Real GDP growth rate 2021

22.2% (2021 est.)

Real GDP growth rate 2022

11% (2022 est.)

Real GDP growth rate 2023

5% (2023 est.)

Agricultural products

none

Exports - commodities

jewelry, perfumes, watches, packaged pharmaceuticals, automobiles (2021)

Imports - commodities

jewelry, automobiles and auto parts, recreational vessels, plastic items, artworks (2021)

GDP (official exchange rate)

$10.434 billion (2024 est.)

Inflation rate (consumer prices)

Inflation rate (consumer prices) 2020

0.5% (2020 est.)

Inflation rate (consumer prices) 2021

2.1% (2021 est.)

Inflation rate (consumer prices) 2022

5.9% (2022 est.)

Real GDP (purchasing power parity)

Real GDP (purchasing power parity) 2022

$8.329 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$8.749 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$8.924 billion (2024 est.)

GDP - composition, by sector of origin

industry

11.5% (2023 est.)

services

88.5% (2023 est.)

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