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.

Government type: constitutional monarchy.

Currency: euro.

GDP (purchasing power parity):  US$ 870 million (1999 est.).

GDP per capita (purchasing power parity):  US$ 27,000 (1999 est.). 

Total area: 1.95 km².

Coastline: 4.1 km.

Highest point: Mont Agel 140m.

Population: 32,270 (July 2004 est.).

Population growth rate: 0.44 % (2004 est.).

Life expectancy at birth: 79.4 years.

Religions: Roman Catholic 90%.

Ethnic groups: French 47%, Monegasque 16%, Italian 16%, other 21%.

Languages: French (official), English, Italian, Monegasque.

Climate: Mediterranean with mild, wet winters and hot, dry summers .

Administrative divisions

There are no first-order administrative divisions, but there are four quarters: Fontvieille, La Condamine, Monaco-Ville, Monte-Carlo.

Terrain: hilly, rugged, rocky.

Economy - overview

Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. In 2001, a major construction project extended the pier used by cruise ships in the main harbor. 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.

(Source: CIA - The World Factbook 2004)