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Economy of Monaco vs United States compared: GDP & Debt

Updated on by Georank team

Monaco has a GDP of $10B compared to $29.2T for the United States, ranking 153/197 and 1/197 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.

Monaco
GDP, current $

GDP, constant 2015 $
United States
GDP, current $

GDP, constant 2015 $
Year GDP
Monaco United States
Current $ Constant $ Current $ Constant $
1960 - - $542,390,475,099 $3,406,320,762,469
1961 - - $562,640,778,342 $3,493,704,590,510
1962 - - $604,729,643,906 $3,707,855,986,272
1963 - - $638,380,883,119 $3,869,417,876,418
1964 - - $685,631,590,687 $4,092,402,635,290
1965 - - $743,503,780,837 $4,358,345,546,392
1966 - - $814,082,043,611 $4,645,793,322,317
1967 - - $860,737,154,024 $4,773,211,933,326
1968 - - $941,639,100,804 $5,007,791,880,197
1969 - - $1,018,471,133,697 $5,164,159,048,266
1970 $293,127,333 $1,764,785,206 $1,073,303,000,000 $5,173,693,085,767
1971 $327,706,210 $1,857,049,235 $1,164,850,000,000 $5,344,048,439,509
1972 $402,451,901 $1,943,370,634 $1,279,110,000,000 $5,624,905,010,373
1973 $523,554,039 $2,070,734,432 $1,425,376,000,000 $5,942,469,134,010
1974 $563,949,254 $2,163,391,744 $1,545,243,000,000 $5,910,347,105,857
1975 $711,978,962 $2,142,349,785 $1,684,904,000,000 $5,898,194,297,823
1976 $735,324,245 $2,236,862,305 $1,873,412,000,000 $6,215,991,006,431
1977 $811,191,392 $2,316,343,303 $2,081,826,000,000 $6,503,430,023,927
1978 $1,000,555,218 $2,407,921,124 $2,351,599,000,000 $6,863,408,303,981
1979 $1,209,870,147 $2,493,021,991 $2,627,333,000,000 $7,080,703,002,910
1980 $1,378,175,524 $2,535,040,816 $2,857,307,000,000 $7,062,521,475,645
1981 $1,205,188,648 $2,558,423,484 $3,207,041,000,000 $7,241,747,172,534
1982 $1,143,216,457 $2,620,654,307 $3,343,789,000,000 $7,111,177,473,088
1983 $1,092,560,365 $2,651,970,428 $3,634,038,000,000 $7,437,138,984,659
1984 $1,037,329,604 $2,691,339,343 $4,037,613,000,000 $7,975,324,064,261
1985 $1,082,867,507 $2,737,326,250 $4,338,979,000,000 $8,307,861,210,352
1986 $1,515,234,743 $2,804,455,472 $4,579,631,000,000 $8,595,533,785,978
1987 $1,839,081,463 $2,874,134,249 $4,855,215,000,000 $8,892,477,646,208
1988 $2,000,704,745 $3,006,304,229 $5,236,438,000,000 $9,263,914,872,018
1989 $2,010,083,833 $3,131,476,494 $5,641,580,000,000 $9,604,107,858,980
1990 $2,481,307,077 $3,214,255,640 $5,963,144,000,000 $9,785,238,027,789
1991 $2,480,540,845 $3,246,884,485 $6,158,129,000,000 $9,774,639,354,479
1992 $2,737,049,231 $3,291,257,692 $6,520,327,000,000 $10,118,950,749,801
1993 $2,574,494,356 $3,261,178,239 $6,858,559,000,000 $10,397,403,618,243
1994 $2,720,332,135 $3,333,433,694 $7,287,236,000,000 $10,816,317,372,939
1995 $3,130,309,995 $3,404,007,586 $7,639,749,000,000 $11,106,673,920,743
1996 $3,137,886,995 $3,441,816,981 $8,073,122,000,000 $11,525,703,481,346
1997 $2,840,195,190 $3,518,819,006 $8,577,552,000,000 $12,038,266,260,922
1998 $2,934,593,468 $3,642,092,596 $9,062,817,000,000 $12,577,957,790,462
1999 $2,907,118,641 $3,762,301,282 $9,631,172,000,000 $13,180,243,872,015
2000 $2,654,462,665 $3,909,415,913 $10,250,952,000,000 $13,717,679,619,283
2001 $2,673,723,034 $3,994,943,522 $10,581,929,000,000 $13,848,757,307,663
2002 $2,919,647,982 $4,035,951,521 $10,929,108,000,000 $14,084,248,131,241
2003 $3,597,089,751 $4,079,843,968 $11,456,450,000,000 $14,477,988,212,153
2004 $4,043,551,489 $4,180,635,804 $12,217,196,000,000 $15,035,068,144,476
2005 $4,204,652,899 $4,259,876,165 $13,039,197,000,000 $15,558,822,251,117
2006 $4,586,826,513 $4,507,700,786 $13,815,583,000,000 $15,992,063,823,933
2007 $5,875,790,766 $5,158,500,738 $14,474,228,000,000 $16,312,522,122,065
2008 $6,502,942,245 $5,197,028,095 $14,769,862,000,000 $16,331,051,067,049
2009 $5,474,379,252 $4,607,841,718 $14,478,067,000,000 $15,910,281,498,378
2010 $5,367,561,570 $4,703,003,769 $15,048,971,000,000 $16,339,094,225,153
2011 $6,088,689,808 $5,033,265,481 $15,599,732,000,000 $16,594,704,135,317
2012 $5,742,749,294 $5,084,213,121 $16,253,970,000,000 $16,974,575,729,098
2013 $6,555,591,710 $5,571,133,211 $16,880,683,000,000 $17,334,068,402,874
2014 $7,070,017,324 $5,971,532,102 $17,608,138,000,000 $17,771,549,055,751
2015 $6,264,756,528 $6,264,756,528 $18,295,019,000,000 $18,295,019,000,000
2016 $6,471,290,794 $6,453,228,194 $18,804,913,000,000 $18,627,887,993,268
2017 $6,430,254,653 $6,246,325,874 $19,612,102,000,000 $19,085,691,122,935
2018 $7,184,333,936 $6,602,235,351 $20,656,516,000,000 $19,651,869,117,583
2019 $7,383,496,254 $7,072,373,237 $21,539,982,000,000 $20,159,639,089,698
2020 $6,730,736,283 $6,136,054,330 $21,354,105,000,000 $19,723,580,221,938
2021 $8,623,242,743 $7,500,235,157 $23,681,171,000,000 $20,917,853,444,668
2022 $8,800,430,486 $8,328,781,592 $26,006,893,000,000 $21,443,388,432,051
2023 $9,995,350,547 $8,748,833,913 $27,720,709,000,000 $22,062,578,283,267
2024 - - $29,184,890,000,000 $22,679,489,969,556

Economic indicators

Monaco United States
Gross domestic product
$10B
2023
$29.2T
2024
GDP rank
153/197
2023
1/197
2024
GDP growth
13.6%
2022-2023
5.28%
2023-2024
GDP per capita
$256,581
2023
$85,810
2024
GDP per capita rank
1/197
2023
9/197
2024
GDP per capita, PPP
$115,700
2015
$85,810
2024
Government debt n/a
$35.3T
2024
Debt-to-GDP ratio n/a
122.5%
2025
Government debt per person n/a
$103,646
2024
Government debt per person rank n/a
2/185
2024
Average annual personal income after taxes
$97,128
2025
$54,474
2025
Market capitalization of domestic companies n/a
$62.2T
2024
Number of millionaires n/a
21,951,319
2024
Number of billionaires
2
2025
902
2025
Income share by richest 10% n/a
30.4%
2023
Income share by poorest 10% n/a
1.8%
2023
Government expenditure, % of GDP
20%
2025
37.8%
2025
Consumer prices inflation
1.5%
2019-2020
2.95%
2023-2024
Central bank interest rate n/a
4.25%
2025
Unemployment rate
6.33%
2016
4.02%
2024
Population
38341
343323530

GDP per capita in Monaco vs United States

Monaco's GDP per capita is $256,581, ranking 1/197, compared to $85,810 in the United States, ranking 9/197. Adjusted for purchasing power (GDP per capita PPP), Monaco ranks 6th at $115,700, while the United States ranks 11th at $85,810.

Monaco
GDP per capita

GDP per capita, PPP
United States
GDP per capita

GDP per capita, PPP
Year Current $
Monaco United States
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 - - $3,002 -
1961 - - $3,063 -
1962 - - $3,242 -
1963 - - $3,373 -
1964 - - $3,573 -
1965 - - $3,827 -
1966 - - $4,142 -
1967 - - $4,332 -
1968 - - $4,692 -
1969 - - $5,025 -
1970 $12,098 - $5,234 -
1971 $13,334 - $5,609 -
1972 $16,187 - $6,094 -
1973 $20,882 - $6,726 -
1974 $22,348 - $7,226 -
1975 $27,921 - $7,801 -
1976 $28,396 - $8,592 -
1977 $30,875 - $9,453 -
1978 $37,608 - $10,565 -
1979 $44,990 - $11,674 -
1980 $50,814 - $12,613 -
1981 $44,157 - $13,976 -
1982 $41,479 - $14,434 -
1983 $39,076 - $15,544 -
1984 $36,582 - $17,121 -
1985 $37,690 - $18,237 -
1986 $52,082 - $19,071 -
1987 $62,456 - $20,039 -
1988 $67,181 - $21,417 -
1989 $66,816 - $22,857 -
1990 $81,735 - $23,840 $23,889
1991 $80,997 - $24,293 $24,342
1992 $88,615 - $25,381 $25,419
1993 $82,685 - $26,353 $26,387
1994 $86,704 - $27,662 $27,695
1995 $99,032 - $28,661 $28,691
1996 $98,561 - $29,937 $29,968
1997 $88,582 - $31,430 $31,459
1998 $90,947 - $32,823 $32,854
1999 $89,698 $27,000 $34,484 $34,515
2000 $81,789 $27,000 $36,330 $36,330
2001 $82,403 - $37,134 $37,134
2002 $90,051 - $37,998 $37,998
2003 $111,110 - $39,490 $39,490
2004 $125,160 - $41,725 $41,725
2005 $130,539 - $44,123 $44,123
2006 $143,083 $30,000 $46,302 $46,302
2007 $184,559 - $48,050 $48,050
2008 $204,264 - $48,570 $48,570
2009 $169,150 $63,400 $47,195 $47,195
2010 $161,854 - $48,651 $48,643
2011 $179,364 $85,500 $50,066 $50,025
2012 $165,445 - $51,784 $51,708
2013 $184,941 $78,700 $53,410 $53,297
2014 $195,694 - $55,304 $55,153
2015 $170,437 $115,700 $57,040 $56,849
2016 $173,605 - $58,207 $57,977
2017 $170,663 - $60,322 $60,048
2018 $188,298 - $63,201 $62,876
2019 $193,747 - $65,605 $65,228
2020 $176,892 - $64,411 $64,402
2021 $223,823 - $71,352 $71,307
2022 $226,052 - $78,035 $77,861
2023 $256,581 - $82,769 $82,305
2024 - - $85,810 $85,810

Inflation comparison by year

Over the past 21 years, Monaco has recorded an average annual inflation rate of 1.58%, compared with 2.13% in the United States. In 2020, inflation was 1.5% in Monaco and 2.95% in the United States.

Inflation
Monaco

United States
Year Inflation
Monaco United States Monaco United States
1996 - 2.93%
1997 - 2.34%
1998 - 1.55%
1999 - 2.19%
2000 1.9% 3.38%
2001 - 2.83%
2002 - 1.59%
2003 - 2.27%
2004 - 2.68%
2005 - 3.39%
2006 - 3.23%
2007 - 2.85%
2008 - 3.84%
2009 - -0.36%
2010 1.5% 1.64%
2011 - 3.16%
2012 - 2.07%
2013 - 1.46%
2014 - 1.62%
2015 - 0.12%
2016 - 1.26%
2017 - 2.13%
2018 1.5% 2.44%
2019 1.5% 1.81%
2020 1.5% 1.23%
2021 - 4.7%
2022 - 8%
2023 - 4.12%
2024 - 2.95%

Top exports between countries

Monaco
Export category Export value
United States
Export category Export value
Transport & tourism services $3.71B
IT & IP services $2.69B
Business & finance services $2.47B
Manufacturing & construction services $1.03B
Government & miscellaneous services $366M

Balance of trade

Monaco United States
Current account balance
n/a
-$1.19T
2024
Current account balance ranking n/a
189/189
2024
Current account balance, % of GDP n/a
-4.06%
2024
Goods imports n/a
$3.3T
2024
Goods exports n/a
$2.08T
2024
Service imports n/a
$841B
2024
Service exports n/a
$1.15T
2024
Imports of goods and services, % of GDP n/a
14%
2024
Exports of goods and services, % of GDP n/a
10.9%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Monaco United States
Economic freedom 83 70.2
Economic freedom ranking 4/197 34/197
Property rights n/a 95.4
Government integrity n/a 77.3
Judicial effectiveness n/a 76.6
Tax burden n/a 75.6
Government spending n/a 55.8
Fiscal health n/a 0
Business freedom n/a 88.5
Labor freedom n/a 77
Monetary freedom n/a 70.7
Trade freedom n/a 75.6
Investment freedom n/a 70
Financial freedom n/a 80

More economic indicators

Monaco United States
Services, % of GDP
88.5%
2023
79.7%
2024
Industry, % of GDP
11.5%
2023
17.3%
2024
Agriculture, forestry, and fishing, % of GDP n/a
0.85%
2024
GNI, Atlas method
n/a
$28.5T
2024
GNI per capita, PPP n/a
$85,980
2024
Total reserves including gold n/a
$910B
2024
Total reserves ranking n/a
3/177
2024
Net foreign direct investment
n/a
$25.1B
2024
Net inflows of foreign direct investment
n/a
$297B
2024
Net outflows of foreign direct investment
n/a
$322B
2024
Poverty at national poverty lines n/a
15.1%
2020
Gross capital formation, % of GDP
n/a
21.7%
2024

GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

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.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

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.