Monaco has a GDP of $10B compared to $537B for the United Arab Emirates, ranking 153/197 and 29/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Monaco
|
UAE
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1970 | $293,127,333 | $1,764,785,206 | $685,986,701 | $14,070,592,924 |
| 1971 | $327,706,210 | $1,857,049,235 | $939,893,600 | $19,222,171,572 |
| 1972 | $402,451,901 | $1,943,370,634 | $1,415,086,929 | $26,734,126,559 |
| 1973 | $523,554,039 | $2,070,734,432 | $4,231,243,616 | $47,217,855,776 |
| 1974 | $563,949,254 | $2,163,391,744 | $11,651,505,689 | $54,063,519,993 |
| 1975 | $711,978,962 | $2,142,349,785 | $14,720,728,249 | $57,430,272,387 |
| 1976 | $735,324,245 | $2,236,862,305 | $19,213,158,779 | $66,921,691,096 |
| 1977 | $811,191,392 | $2,316,343,303 | $24,871,775,165 | $81,269,253,405 |
| 1978 | $1,000,555,218 | $2,407,921,124 | $23,775,764,225 | $79,977,394,655 |
| 1979 | $1,209,870,147 | $2,493,021,991 | $31,225,659,621 | $96,711,523,271 |
| 1980 | $1,378,175,524 | $2,535,040,816 | $43,599,160,050 | $119,801,181,765 |
| 1981 | $1,205,188,648 | $2,558,423,484 | $49,333,424,135 | $125,382,930,480 |
| 1982 | $1,143,216,457 | $2,620,654,307 | $46,622,718,605 | $116,958,054,939 |
| 1983 | $1,092,560,365 | $2,651,970,428 | $42,803,323,345 | $111,407,435,357 |
| 1984 | $1,037,329,604 | $2,691,339,343 | $41,807,954,236 | $115,882,617,757 |
| 1985 | $1,082,867,507 | $2,737,326,250 | $40,603,650,232 | $111,717,244,274 |
| 1986 | $1,515,234,743 | $2,804,455,472 | $33,943,612,095 | $95,006,426,309 |
| 1987 | $1,839,081,463 | $2,874,134,249 | $36,384,908,744 | $98,219,526,270 |
| 1988 | $2,000,704,745 | $3,006,304,229 | $36,275,674,203 | $95,647,247,530 |
| 1989 | $2,010,083,833 | $3,131,476,494 | $41,464,995,914 | $107,448,100,944 |
| 1990 | $2,481,307,077 | $3,214,255,640 | $50,701,443,748 | $127,141,173,341 |
| 1991 | $2,480,540,845 | $3,246,884,485 | $51,552,165,622 | $128,234,691,621 |
| 1992 | $2,737,049,231 | $3,291,257,692 | $54,239,171,888 | $132,524,071,346 |
| 1993 | $2,574,494,356 | $3,261,178,239 | $55,625,170,253 | $134,195,452,934 |
| 1994 | $2,720,332,135 | $3,333,433,694 | $59,305,093,980 | $143,449,770,720 |
| 1995 | $3,130,309,995 | $3,404,007,586 | $65,743,666,576 | $153,043,528,513 |
| 1996 | $3,137,886,995 | $3,441,816,981 | $73,571,233,996 | $161,917,610,698 |
| 1997 | $2,840,195,190 | $3,518,819,006 | $78,839,008,445 | $175,179,308,497 |
| 1998 | $2,934,593,468 | $3,642,092,596 | $75,674,336,283 | $175,690,822,167 |
| 1999 | $2,907,118,641 | $3,762,301,282 | $84,445,473,111 | $180,789,745,171 |
| 2000 | $2,654,462,665 | $3,909,415,913 | $104,337,372,362 | $200,410,321,466 |
| 2001 | $2,673,723,034 | $3,994,943,522 | $103,311,640,572 | $203,214,232,287 |
| 2002 | $2,919,647,982 | $4,035,951,521 | $109,816,201,498 | $208,159,362,863 |
| 2003 | $3,597,089,751 | $4,079,843,968 | $124,346,358,067 | $226,478,512,549 |
| 2004 | $4,043,551,489 | $4,180,635,804 | $147,824,370,320 | $248,144,435,950 |
| 2005 | $4,204,652,899 | $4,259,876,165 | $180,617,467,965 | $260,192,198,684 |
| 2006 | $4,586,826,513 | $4,507,700,786 | $222,116,541,865 | $285,788,137,283 |
| 2007 | $5,875,790,766 | $5,158,500,738 | $257,916,133,424 | $294,888,746,643 |
| 2008 | $6,502,942,245 | $5,197,028,095 | $315,474,615,739 | $304,301,112,625 |
| 2009 | $5,474,379,252 | $4,607,841,718 | $253,547,358,747 | $288,346,842,937 |
| 2010 | $5,367,561,570 | $4,703,003,769 | $300,189,052,689 | $292,968,610,444 |
| 2011 | $6,088,689,808 | $5,033,265,481 | $360,832,739,551 | $311,179,896,154 |
| 2012 | $5,742,749,294 | $5,084,213,121 | $384,610,125,391 | $316,857,313,566 |
| 2013 | $6,555,591,710 | $5,571,133,211 | $400,218,529,748 | $332,876,224,084 |
| 2014 | $7,070,017,324 | $5,971,532,102 | $414,105,366,753 | $346,742,821,790 |
| 2015 | $6,264,756,528 | $6,264,756,528 | $370,275,469,571 | $370,275,469,571 |
| 2016 | $6,471,290,794 | $6,453,228,194 | $369,255,326,236 | $390,868,305,597 |
| 2017 | $6,430,254,653 | $6,246,325,874 | $390,516,804,030 | $393,741,456,224 |
| 2018 | $7,184,333,936 | $6,602,235,351 | $427,049,432,158 | $398,914,879,875 |
| 2019 | $7,383,496,254 | $7,072,373,237 | $417,989,721,743 | $403,336,245,504 |
| 2020 | $6,730,736,283 | $6,136,054,330 | $349,473,015,330 | $383,342,656,333 |
| 2021 | $8,623,242,743 | $7,500,235,157 | $415,178,792,757 | $400,036,290,964 |
| 2022 | $8,800,430,486 | $8,328,781,592 | $502,731,935,194 | $430,077,804,445 |
| 2023 | $9,995,350,547 | $8,748,833,913 | $514,130,432,648 | $445,641,058,044 |
| 2024 | - | - | $537,078,829,135 | $462,404,360,915 |
Economic indicators
|
Monaco
|
UAE
|
|
|---|---|---|
| Gross domestic product |
$10B
2023 |
$537B
2024 |
| GDP rank |
153/197
2023 |
29/197
2024 |
| GDP growth |
13.6%
2022-2023 |
4.46%
2023-2024 |
| GDP per capita |
$256,581
2023 |
$49,378
2024 |
| GDP per capita rank |
1/197
2023 |
24/197
2024 |
| GDP per capita, PPP |
$115,700
2015 |
$77,959
2024 |
| Government debt | n/a |
$172B
2024 |
| Debt-to-GDP ratio | n/a |
32.8%
2025 |
| Government debt per person | n/a |
$15,857
2024 |
| Government debt per person rank | n/a |
39/185
2024 |
| Average annual personal income after taxes |
$97,128
2025 |
$40,921
2025 |
| Market capitalization of domestic companies | n/a |
$1.05T
2024 |
| Number of millionaires | n/a |
202,201
2024 |
| Number of billionaires |
2
2025 |
6
2025 |
| Income share by richest 10% | n/a |
20.5%
2018 |
| Income share by poorest 10% | n/a |
2.8%
2018 |
| Government expenditure, % of GDP |
20%
2025 |
24%
2025 |
| Consumer prices inflation |
1.5%
2019-2020 |
1.6%
2024-2025 |
| Central bank interest rate | n/a |
4.15%
2025 |
| Unemployment rate |
6.33%
2016 |
1.88%
2024 |
| Population |
38341
|
11372700
|
GDP per capita in Monaco vs United Arab Emirates
Monaco's GDP per capita is $256,581, ranking 1/197, compared to $49,378 in the United Arab Emirates, ranking 24/197. Adjusted for purchasing power (GDP per capita PPP), Monaco ranks 6th at $115,700, while the United Arab Emirates ranks 16th at $77,959.
| Year | Current $ | |||
|---|---|---|---|---|
|
Monaco
|
UAE
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1970 | $12,098 | - | $2,394 | - |
| 1971 | $13,334 | - | $2,805 | - |
| 1972 | $16,187 | - | $3,675 | - |
| 1973 | $20,882 | - | $9,696 | - |
| 1974 | $22,348 | - | $23,823 | - |
| 1975 | $27,921 | - | $27,117 | - |
| 1976 | $28,396 | - | $31,197 | - |
| 1977 | $30,875 | - | $35,020 | - |
| 1978 | $37,608 | - | $29,379 | - |
| 1979 | $44,990 | - | $34,238 | - |
| 1980 | $50,814 | - | $42,925 | - |
| 1981 | $44,157 | - | $44,854 | - |
| 1982 | $41,479 | - | $39,972 | - |
| 1983 | $39,076 | - | $34,650 | - |
| 1984 | $36,582 | - | $32,012 | - |
| 1985 | $37,690 | - | $29,468 | - |
| 1986 | $52,082 | - | $23,132 | - |
| 1987 | $62,456 | - | $23,113 | - |
| 1988 | $67,181 | - | $21,570 | - |
| 1989 | $66,816 | - | $23,167 | - |
| 1990 | $81,735 | - | $26,710 | $86,949 |
| 1991 | $80,997 | - | $25,691 | $85,765 |
| 1992 | $88,615 | - | $25,648 | $86,019 |
| 1993 | $82,685 | - | $25,033 | $84,860 |
| 1994 | $86,704 | - | $25,473 | $88,427 |
| 1995 | $99,032 | - | $27,003 | $92,107 |
| 1996 | $98,561 | - | $28,323 | $93,009 |
| 1997 | $88,582 | - | $27,983 | $94,374 |
| 1998 | $90,947 | - | $24,889 | $88,693 |
| 1999 | $89,698 | $27,000 | $25,856 | $86,165 |
| 2000 | $81,789 | $27,000 | $29,866 | $91,318 |
| 2001 | $82,403 | - | $27,745 | $88,832 |
| 2002 | $90,051 | - | $27,754 | $86,960 |
| 2003 | $111,110 | - | $29,660 | $91,059 |
| 2004 | $125,160 | - | $33,377 | $96,982 |
| 2005 | $130,539 | - | $38,719 | $99,577 |
| 2006 | $143,083 | $30,000 | $44,343 | $104,995 |
| 2007 | $184,559 | - | $45,855 | $99,097 |
| 2008 | $204,264 | - | $50,054 | $93,017 |
| 2009 | $169,150 | $63,400 | $37,803 | $83,337 |
| 2010 | $161,854 | - | $43,697 | $83,671 |
| 2011 | $179,364 | $85,500 | $50,789 | $87,709 |
| 2012 | $165,445 | - | $52,034 | $87,340 |
| 2013 | $184,941 | $78,700 | $52,024 | $85,515 |
| 2014 | $195,694 | - | $51,381 | $85,248 |
| 2015 | $170,437 | $115,700 | $43,535 | $71,720 |
| 2016 | $173,605 | - | $41,326 | $67,702 |
| 2017 | $170,663 | - | $42,341 | $68,043 |
| 2018 | $188,298 | - | $45,690 | $75,071 |
| 2019 | $193,747 | - | $44,251 | $76,885 |
| 2020 | $176,892 | - | $37,174 | $65,353 |
| 2021 | $223,823 | - | $43,360 | $67,401 |
| 2022 | $226,052 | - | $49,899 | $73,778 |
| 2023 | $256,581 | - | $49,041 | $76,110 |
| 2024 | - | - | $49,378 | $77,959 |
Inflation comparison by year
Over the past 21 years, Monaco has recorded an average annual inflation rate of 1.58%, compared with 2.95% in the United Arab Emirates. In 2020, inflation was 1.5% in Monaco and 1.6% in the United Arab Emirates.
| Year | Inflation | ||
|---|---|---|---|
|
Monaco
|
UAE
|
Monaco
|
UAE
|
| 1996 | - | 3% | |
| 1997 | - | 3% | |
| 1998 | - | 2% | |
| 1999 | - | 2.1% | |
| 2000 | 1.9% | 1.3% | |
| 2001 | - | 2.8% | |
| 2002 | - | 2.9% | |
| 2003 | - | 3.1% | |
| 2004 | - | 5% | |
| 2005 | - | 6.2% | |
| 2006 | - | 9.3% | |
| 2007 | - | 11.1% | |
| 2008 | - | 12.3% | |
| 2009 | - | -4.7% | |
| 2010 | 1.5% | 0.9% | |
| 2011 | - | 0.9% | |
| 2012 | - | 0.7% | |
| 2013 | - | 1.1% | |
| 2014 | - | 2.3% | |
| 2015 | - | 4.1% | |
| 2016 | - | 1.6% | |
| 2017 | - | 2% | |
| 2018 | 1.5% | 3.1% | |
| 2019 | 1.5% | -1.9% | |
| 2020 | 1.5% | -2.1% | |
| 2021 | - | -0.1% | |
| 2022 | - | 4.8% | |
| 2023 | - | 1.6% | |
| 2024 | - | 1.7% | |
| 2025 | - | 1.6% | |
Balance of trade
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Monaco
|
UAE
|
|
|---|---|---|
| Economic freedom | 83 | 71.6 |
| Economic freedom ranking | 4/197 | 29/197 |
| Property rights | n/a | 65.4 |
| Government integrity | n/a | 65.9 |
| Judicial effectiveness | n/a | 35.2 |
| Tax burden | n/a | 96.9 |
| Government spending | n/a | 82.3 |
| Fiscal health | n/a | 97.9 |
| Business freedom | n/a | 84.2 |
| Labor freedom | n/a | 62.1 |
| Monetary freedom | n/a | 80.5 |
| Trade freedom | n/a | 78.4 |
| Investment freedom | n/a | 50 |
| Financial freedom | n/a | 60 |
More economic indicators
|
Monaco
|
UAE
|
|
|---|---|---|
| Services, % of GDP |
88.5%
2023 |
51.6%
2023 |
| Industry, % of GDP |
11.5%
2023 |
47.7%
2023 |
| Agriculture, forestry, and fishing, % of GDP | n/a |
0.7%
2023 |
GNI, Atlas method
|
n/a |
$538B
2024 |
| GNI per capita, PPP | n/a |
$78,110
2024 |
| Total reserves including gold | n/a |
$238B
2024 |
| Total reserves ranking | n/a |
14/177
2024 |
|
Net inflows of foreign direct investment
|
n/a |
$45.6B
2024 |
|
Net outflows of foreign direct investment
|
n/a |
$23.4B
2024 |
| Poverty at national poverty lines | n/a |
19.5%
2020 |
|
Gross capital formation, % of GDP
|
n/a |
27.1%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.