Europe :: Monaco

Introduction ::Monaco

    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.

Geography ::Monaco

People and Society ::Monaco

Government ::Monaco

    conventional long form: Principality of Monaco
    conventional short form: Monaco
    local long form: Principaute de Monaco
    local short form: Monaco
    constitutional monarchy
    name: Monaco
    geographic coordinates: 43 44 N, 7 25 E
    time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
    daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
    none; there are no first-order administrative divisions as defined by the US Government, but there are four quarters (quartiers, singular - quartier); Fontvieille, La Condamine, Monaco-Ville, Monte-Carlo; note - Moneghetti, a part of La Condamine, is sometimes called the 5th quarter of Monaco
    1419 (beginning of permanent rule by the House of GRIMALDI)
    National Day (Saint Rainier's Day), 19 November (1857)
    17 December 1962; modified 2 April 2002
    civil law system influenced by French legal tradition
    has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
    18 years of age; universal
    chief of state: Prince ALBERT II (since 6 April 2005)
    head of government: Minister of State Michel ROGER (since 29 March 2010)
    cabinet: Council of Government under the authority of the monarch
    (For more information visit the World Leaders website Opens in New Window)
    elections: the monarchy is hereditary; minister of state appointed by the monarch from a list of three French national candidates presented by the French Government
    unicameral National Council or Conseil National (24 seats; 16 members elected by list majority system, 8 by proportional representation to serve five-year terms)
    elections: last held on 10 February 2013 (next to be held in February 2018)
    election results: percent of vote by party - Horizon Monaco 50.3%, Union Monegasque 39%, Renaissance 10.7%; seats by party - Horizon Monaco 20, Union Monegasque 3, Renaissance 1
    highest court(s): Supreme Court (consists of 5 permanent members and 2 substitutes)
    judge selection and term of office: Supreme Court members appointed by the monarch upon the proposals of the National Council, State Council, Crown Council, Court of Appeal, and Trial Court
    subordinate courts: Court of Appeal; Civil Court of First Instance
    Horizon Monaco [Laurent NOUVION]
    Renaissance [SBM (corporation)]
    Union Monegasque [Stephane VALERI]
    NA
    CD, CE, FAO, IAEA, ICAO, ICC (national committees), ICRM, IFRCS, IHO, IMO, IMSO, Interpol, IOC, IPU, ITSO, ITU, OAS (observer), OIF, OPCW, OSCE, Schengen Convention (de facto member), UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WHO, WIPO, WMO
    chief of mission: Ambassador Gilles NOGHES
    chancery: 3400 International Drive NW, Suite 2K-100, Washington, DC 20008
    telephone: (202) 234-1530
    FAX: (202) 244-7656
    consulate(s) general: New York
    the US does not have an embassy in Monaco; the US Ambassador to France is accredited to Monaco; the US Consul General in Marseille (France), under the authority of the US ambassador to France, handles routine diplomatic and consular matters concerning Monaco
    two equal horizontal bands of red (top) and white; the colors are those of the ruling House of Grimaldi and have been in use since 1339, making the flag one of the world's oldest national banners
    note: similar to the flag of Indonesia which is longer and the flag of Poland which is white (top) and red
    name: "A Marcia de Muneghu" (The March of Monaco)

    lyrics/music: Louis NOTARI/Charles ALBRECHT
    note: music adopted 1867, lyrics adopted 1931; although French is much more commonly spoken, only the Monegasque lyrics are official; the French version is known as "Hymne Monegasque" (Monegasque Anthem); the words are generally only sung on official occasions

Economy ::Monaco

    Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a 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 1.3% of GDP in 2012. 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.
    $5.748 billion (2011 est.)
    country comparison to the world: 166
    $5.47 billion (2010 est.)
    $5.337 billion (2009 est.)
    note: data are in 2011 US dollars
    $5.748 billion (2011 est.)
    5.1% (2011 est.)
    country comparison to the world: 59
    2.5% (2010 est.)
    $70,700 (2011)
    country comparison to the world: 6
    $63,500 (2009 est.)
    $61,900 (2008 est.)
    agriculture: 0%
    industry: 10%
    services: 90% (2011)
    none
    tourism, construction, small-scale industrial and consumer products
    NA%
    50,580
    country comparison to the world: 191
    note: includes workers from all foreign countries (2011 est.)
    0% (2011)
    country comparison to the world: 2
    NA%
    lowest 10%: NA%
    highest 10%: NA%
    revenues: $1.126 billion
    expenditures: $1.198 billion (2011 est.)
    19.6% of GDP (2011 est.)
    country comparison to the world: 167
    -1.3% of GDP (2011 est.)
    country comparison to the world: 66
    calendar year
    1.5% (2010)
    country comparison to the world: 27
    $NA
    $865.6 million (2011)
    country comparison to the world: 162
    $684.9 million (2010)
    note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
    $848.9 million (2011)
    country comparison to the world: 182
    $850.2 million (2010)
    note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France
    $NA
    euros (EUR) per US dollar -
    0.7778 (2012 est.)
    0.7185 (2011 est.)
    0.755 (2010 est.)
    0.7198 (2009 est.)
    0.6827 (2008 est.)

Communications ::Monaco

    44,500 (2011)
    country comparison to the world: 166
    31,800 (2011)
    country comparison to the world: 206
    general assessment: modern automatic telephone system; the country's sole fixed line operator offers a full range of services to residential and business customers
    domestic: combined fixed-line and mobile-cellular teledensity exceeds 200 per 100 persons
    international: country code - 377; no satellite earth stations; connected by cable into the French communications system (2011)
    TV Monte-Carlo (TMC) operates a TV network; cable TV available; Radio Monte-Carlo has extensive radio networks in France and Italy with French-language broadcasts to France beginning in the 1960s and Italian-language broadcasts to Italy beginning in the 1970s; other radio stations include Riviera Radio and Radio Monaco (2012)
    .mc
    26,009 (2012)
    country comparison to the world: 111
    23,000 (2009)
    country comparison to the world: 191

Transportation ::Monaco

Military ::Monaco