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==Economy==
==Economy==
Monaco, located on the Mediterranean coast, has an economy primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco; the companies' production accounts for around 50% of the €593 million annual government income (2002). The enterprises pay a 33.33% tax only if more than 25% of their revenue is generated abroad. Ever since Monaco's famed casino opened in 1856, the tourism industry has been booming. It currently accounts for close to 25% of the annual revenue.
Monaco, located on the Mediterranean coast, has an economy primarily geared toward finance, commerce, and tourism. Low taxes have drawn many foreign companies to Monaco; the companies' production accounts for around 50% of the €593 million annual government income (2002). The enterprises pay a 33.33% tax only if more than 25% of their revenue is generated abroad. Ever since Monaco's famed casino opened in 1856, the tourism industry has been booming. It currently accounts for close to 25% of the annual revenue. The Monaco Grand Prix, the most prestigious [[F1]] Grand Prix is one of the major events of the year in Monaco and is a major tourist drawcard.
Customs, postal services, telecommunications, and banking in Monaco are governed by an economic and customs union with France. The official currency is the euro.
Customs, postal services, telecommunications, and banking in Monaco are governed by an economic and customs union with France. The official currency is the euro.
*Industry: Types--tourism, construction, chemicals, food products, plastics, precision instruments, cosmetics, ceramics.
*Industry: Types--tourism, construction, chemicals, food products, plastics, precision instruments, cosmetics, ceramics.
*Trade: Imports (2005)--$916.1 million. Exports (2005)--$716.3 million. Note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France.
*Trade: Imports (2005)--$916.1 million. Exports (2005)--$716.3 million. Note: full customs integration with France, which collects and rebates Monegasque trade duties; also participates in EU market system through customs union with France.
*Currency: Monaco, along with France and the other 11 members of the European Monetary Union (EMU), adopted the euro (€) as its official currency on January 1, 2002. As in other EMU states, euros minted in Monaco have special Monegasque features on one side of the coin.
*Currency: Monaco, along with France and the other 11 members of the European Monetary Union (EMU), adopted the euro (€) as its official currency on January 1, 2002. As in other EMU states, euros minted in Monaco have special Monegasque features on one side of the coin.
==History==
==History==