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
31,597 (2023 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
0.66% (2023 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.)
$7.279 billion (2014 est.)
$6.79 billion (2013 est.)
Real GDP per capita
$115,700 (2015 est.)
$109,200 (2014 est.)
$101,900 (2013 est.)
Agricultural products
none
Industries
banking, insurance, tourism, construction, small-scale industrial and consumer products
Exports
$964.6 million (2017 est.)
$1.115 billion (2011)
Exports - partners
Italy, Switzerland, Germany, Belgium, Spain
(2021)Exports - commodities
jewelry, perfumes, watches, packaged medicines, cars (2021)
Imports
$1.371 billion (2017 est.)
$1.162 billion (2011 est.)
Imports - partners
Italy, Switzerland, United Kingdom, Germany, China (2021)
Imports - commodities
jewelry, cars and vehicle parts, recreational boats, plastic products, artwork (2021)
Exchange rates
euros (EUR) per US dollar -
Exchange rates:
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
Page last updated: Wednesday, December 06, 2023
