General

The private sector generates nearly 10 billion Euros a year in turnover. Retail represents about 39% of that figure, banking and finance 15%, real estate and construction about 9%, followed by industry with 8%, transportation 3% and lodging 3%. Other services account for 23% of turnover.

Approximately 10% of turnover is generated by Exports.

Real Estate, construction and lodging represents a cumulative 12% of the private sector turnover. 10% of State revenue is generated from real estate (2004 budget figures) and 32% of employment is found in the construction and real estate sector, demonstrating the major role played by real estate in the overall economy.

Investment infrastructure represents about one third of public spending, signalling its central role in the economic vitality of the Principality.

Banking

Under the Franco-Monegasque Convention on exchange control dated 14th of April 1945, the legislation in force in France concerning banking institutions also applies in Monaco. Monegasque banks are therefore subject to the same rules of operation and inspection as French banks; intervention by inspecting bodies is, however, always carried out with a strictly regulated framework designed to ensure absolute confidentiality of transactions by Monegasque institutions.

The banks in the Principality employ over 1,400 people, making the profession one of the country's main employers. With approximately 65 branches in less than two square kilometres- one of the highest densities of banks in the world- the Principality has a particularly ample banking network offering a very wide range of competitive services, mainly, but not only, concentrated on private banking to satisfy the requirements of an international clientele.

The Banks are organised through the Monegasque Bankers' Association (Association Monégasque des Banques) and regulated by SICCFIN. A breach of confidentiality may lead to criminal sanctions.

Corporate Services Providers

As a result of the extensive banking network and consequently the need for corporate services, the Principality has some 35 Company Service Providers. Most of them are member of AMPA (Association Monegasque des Professionals en Administration des Structures Etrangeres). This Association was established in 2004 to represent the companies in Monaco involved in the administration of entities. The sector is regulated by SICCFIN.