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Monaco, Economy

centimes, economic foundation, migrant labor, French franc, Monte Carlo

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 (7.12 francs equal U.S.$1; 2000 average).



Article key phrases:

centimes, economic foundation, migrant labor, French franc, Monte Carlo, economic importance, banking, tobacco, cosmetics, clothing, textiles, electronic equipment, insurance, cards, chemicals, paper, services

 
 

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