Monaco: public finances
3 answers, 3 from Monaco's own official bodies, with a link to each figure.
Does Monaco have a budget surplus?
State revenue was €2,464.7 million in 2025 and spending €2,285.0 million, a surplus of €179.7 million, according to the Direction du Budget et du Trésor figures in IMSEE, Monaco en Chiffres 2026. The surplus was €192.7 million in 2024 and €126.3 million in 2023.
Spending is split into ordinary spending (€1,324.3 million in 2025) and capital spending on equipment and building (€960.7 million). Under the Constitution, any surplus left after the budget year is closed is paid into the Constitutional Reserve Fund (FRC), the state's reserve. The yearbook gives the FRC's assets as €8.0 billion at the end of 2025, up €729 million.
Does Monaco have national debt?
Monaco has no public debt, according to the Government of Monaco, which describes it as one of very few countries in that position. The Government links this to the Constitutional Reserve Fund (FRC), built up from budget surpluses.
IMSEE, Monaco en Chiffres 2026 puts the FRC's assets at €8.0 billion at the end of 2025. They include a gold reserve of about €676 million, a financial portfolio of €2.7 billion, property of €2.1 billion and state holdings in companies of about €1.7 billion, including 64.2% of the Société des Bains de Mer. When needed, the FRC can also advance cash to the state budget.
Where does the Monaco government get its money?
VAT was the state's largest source of revenue in 2025, at €1,239.1 million of a total of €2,464.7 million (about 50%), according to IMSEE, Monaco en Chiffres 2026. Legal transactions such as property transfer duties brought €334.1 million, business profit tax €306.5 million and state-owned property €280.8 million.
The rest came from financial income (€95.3 million), concessions such as the casino and other monopolies granted by the state (€62.6 million), customs duties (€45.7 million), monopolies run by the state, such as tobacco and stamps (€40.5 million), and other income.
Official bodies in Monaco
- Government of the Principality of Monaco
- National Council
- Direction du Budget et du TrésorPrepares the state budget and reports revenue, spending and the Constitutional Reserve Fund; its figures are compiled in IMSEE's yearbook.
More about Monaco
- Economy
- Jobs and pay
- Cost of living
- Health and care
- Housing
- Crime and justice
- Immigration
- Education
- Environment
Read on 14 October 2026. Definitions · Report an error