Monaco's gross domestic product (GDP) increased by 10.9
per cent in the period from 2008 to 2018. GDP per capita is
$ 185,744 (2018). Monaco has the highest GDP per capita in
the world. Monaco's residents do not pay income and wealth
taxes, and corporate taxes are low.
COUNTRYAAH, tourism is the country's most important source of income.
Monaco is especially known for the Monte Carlo casino. In
2017, 355,000 tourists visited the country. Most tourists
come from Italy, France, the UK, USA, Germany and Russia.
Monaco is also an important banking and financial center.
The state is the largest owner of the Société des Bains de
Mer, which operates the casino, restaurants and hotels, the
opera and hosts the Monte Carlo Rally and Monaco Grand Prix.
In the Fontvieille industrial area, which lies in an area
extracted from the sea, there is light industry. Production
includes pharmaceuticals, cosmetics, beer and chocolate, as
well as electrical and electronic equipment.
Fishing and farming are insignificant.
Transport and Communications
The total road network is 100 kilometers. There are good
road links to both France and Italy. The Principality is
linked to the French railway network. Hercules Port, which
is a deep water port, is the country's largest port. The
nearest international airport is at Nice.
In 2018, Monaco's exports amounted to USD 964.6 million,
while imports amounted to USD 1370 million. With this, the
country had a deficit in the foreign trade balance of over
US $ 400 million. Monaco has a customs union with France. In
2002, the euro became the country's currency.