Monaco

Country Summary

2022 population pyramid

Introduction

Background

The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling GRIMALDI family first seized control in 1297 but was not able to permanently secure its holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino.

Geography

Area

total: 2 sq km

land: 2 sq km

water: 0 sq km

Climate

Mediterranean with mild, wet winters and hot, dry summers

Natural resources

none

People and Society

Population

31,400 (2022 est.)

Ethnic groups

Monegasque 32.1%, French 19.9%, Italian 15.3%, British 5%, Belgian 2.3%, Swiss 2%, German 1.9%, Russian 1.8%, American 1.1%, Dutch 1.1%, Moroccan 1%, other 16.6% (2016 est.)

Languages

French (official), English, Italian, Monegasque

Religions

Roman Catholic 90% (official), other 10%

Population growth rate

0.6% (2022 est.)

Government

Government type

constitutional monarchy

Capital

name: Monaco

Executive branch

chief of state: Prince ALBERT II (since 6 April 2005)

head of government: Minister of State Pierre DARTOUT (since 1 September 2020)

Legislative branch

description: unicameral National Council or Conseil National (24 seats; 16 members directly elected in multi-seat constituencies by simple majority vote and 8 directly elected by proportional representation vote; members serve 5-year terms)

Economy

Economic overview

high-income European economy; non-EU euro user; considered a tax haven; tourism and banking are largest sectors; negatively impacted by COVID-19; major oceanographic museum; among most expensive real estate; major state-owned enterprises

Real GDP (purchasing power parity)

$7.672 billion (2015 est.)

Real GDP per capita

$115,700 (2015 est.)

Agricultural products

none

Industries

banking, insurance, tourism, construction, small-scale industrial and consumer products

Exports

$964.6 million (2017 est.)

Exports - partners

Italy 19%, Germany 14%, United Kingdom 9%, Switzerland 9%, Spain 8%, United States 6%, Belgium 5%

(2019)

Exports - commodities

jewelry, perfumes, watches, packaged medicines, plastic products (2019)

Imports

$1.371 billion (2017 est.)

Imports - partners

Italy 34%, Switzerland 16%, Germany 9%, United Kingdom 7% (2019)

Imports - commodities

jewelry, recreational boats, cars and vehicle parts, watches, general wares (2019)


Page last updated: Friday, May 13, 2022