top of pageBackground: 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 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. Since then the principality's mild climate splendid scenery and gambling facilities have made Monaco world famous as a tourist and recreation center.
Climate: Mediterranean with mild wet winters and hot dry summers
GeographyNote: second-smallest independent state in the world (after the Holy See); smallest country with a coastline; almost entirely urban
top of pageEthnic groups: French (official) 47% Monegasque 16% Italian 16% other 21%
Languages: French (official) English Italian Monegasque
Religions: Roman Catholic 90% (official) other 10%
Population distribution: the most densely populated country in the world; its entire population living on 2 square km
Drinking water source:
urban: 100% of population
total: 100% of population
urban: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
urban: 100% of population
rural: NA
total: 100% of population
urban: 0% of population
rural: NA
total: 0% of population (2015 est.)
top of pageAdministrative divisions: none; there are no first-order administrative divisions as defined by the US Government but there are 4 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
Independence: 1419 (beginning of permanent rule by the House of GRIMALDI)
Constitution: previous 1911 (suspended 1959); latest adopted 17 December 1962; amended 2002 (2016)
Legal system: civil law system influenced by French legal tradition
Legislative branchDescription: unicameral National Council or Conseil National
Elections: last held on 10 February 2013
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
International organization participation: 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
Flag description: 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 and red
National symbols: red and white lozenges (diamond shapes); national colors: red white
National anthemName: 'A Marcia de Muneghu'
Lyrics and music: Louis NOTARI/Charles ALBRECHT
Note: music adopted 1867 lyrics adopted 1931; although French is commonly spoken only the Monegasque lyrics are official; the French version is known as 'Hymne Monegasque' ; the words are generally only sung on official occasions
top of pageEconomy overview:
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 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.
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 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. In October 2014 Monaco officially became the 84th jurisdiction participating in the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters an effort to combat offshore tax avoidance and evasion.
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 and intensified in 2013 with GDP growth of more than 9% but Monaco's economic prospects remain uncertain and tied to future euro-zone growth.
Industries: banking insurance tourism construction small-scale industrial and consumer products
Exports:
$1.115 billion (2011)
$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
Rank: 156
Partners: Europe 73.2% Africa 14.6% America 5.2% Asia 4.9% (2013 est.)
Imports:
$1.162 billion (2011)
$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
Rank: 177
Partners: Europe 70.4% Asia 20.8% America 4.4% Africa 4.1% (2013 est.)
Exchange rates:
euros (EUR) per US dollar -
0.885 (2015 est.)
0.7525 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)
0.7185 (2011 est.)
top of pagetop of pageTelephone systemGeneral 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
Broadcast media: TV Monte-Carlo 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)
top of pagetop of pageMonaco - Transnational issues 2016
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