The most important economic sector is tourism. Furthermore, banking and insurance is of great importance. The post office, telegraph services, issue of stamps and tobacco tax are the state monopolies. The value added tax and sales tax represent the main part of the tax revenues. Direct taxes are not paid by the citizens of Monaco.
The industry is dominated by small and medium-sized enterprises, especially in the field of consumer chemicals and pharmaceuticals, as well as in the production of plastics and electronics.
Monaco is associated with France by monetary, economic and customs union.
GDP per inhabitant amounted to USD 63,400.