Monaco's chief industry is tourism, and its facilities make it one of Europe's most luxurious resorts. Once a winter attraction, it now draws summer visitors as well to its beaches and expanded mooring facilities. The social life of Monte-Carlo revolves around the Place du Casino. The casino was built in 1861, and in 1967 its operations were taken over by the principality. Banking and finance and real estate are other important components of the services sector. The four sections, or quartiers, of Monaco are the town of Monaco, or “the Rock,” a headland jutting into the sea on which the old town is located ; La Condamine, the business district on the west of the bay, with its natural harbour; Monte-Carlo, including the gambling casino; and the newer zone of Fontvieille, in which various light industries have developed.
The principal occupations in Monaco are connected with the tourist trade, the economic foundation of the state. The sale of postage stamps and tobacco, banking and insurance, and the manufacture of pharmaceuticals and chemicals, electronic equipment, cosmetics, paper and cards, clothing and textiles, and plastic goods are also of economic importance. In 1993 the gross domestic product, which measures the total value of goods and services produced in the country, was $558 million. A major source of revenue is the great gambling casino at Monte Carlo. The economy of Monaco relies heavily on migrant labor, mainly from France and Italy. Monaco’s principal unit of currency is the French franc, consisting of 100 centimes.
Monaco, situated on the French Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The Principality 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. 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. Monaco does not publish national income figures; the estimates below are extremely rough.
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