Monaco’s economic output is closely linked to France, with its GDP integrated into the French system. The economy is mainly driven by the service sector, luxury tourism, banking and financial services.
More than 245,000 visitors stay longer than one night in the Principality, several millions annually are daily visitors. This source of income constitutes more than 25% of the national income.
The development of the financial sector under prince Rainer is part of a well-thought-out plan with the goal of promoting new industries.
For companies low direct taxation as well as the strict keeping of the bank secret are very attractive in this tax exile. After the end of the 2nd world war the development of the small industry was advanced.
The most important products are pharmaceutical and chemical products, electronic equipment, cosmetical products, paper and maps, clothing, textiles as well as plastic articles.
1990 the annual public revenues counted 560 million US dollar. Opposite expenditures stood at a value of 558 million US dollar.
Further important national sources of income are the four large casinos, particularly the world-famous casino of Monte Carlo.
Monaco belongs to the European monetary union and uses the euro as official currency.