The government of Monaco has announced to companies the launch of a large scale statistical survey with the aim of determining the Principality’s Gross Domestic Product as well as the Gross National Income.
Government Counsellor for Economy and Finance, Franck Biancheri, explained that the initiative is being undertaken to follow through on a commitment by Prince Albert II to contribute 0.7% of the Principality's GDP to the United Nations' Millennium for Development project.
Biancheri explained that the survey will also enable Monaco to calculate its compulsory contributions to international organizations, while giving the Principality economic evaluation and indication tools comparable to those of other countries.
The lack of a structure for the collection of income declarations or national accounts statistics, in addition to economic boundaries that are hard to define has meant the the Principality has hitherto not been able to calculate its own GDP.
"Often asked about this, all the more striking given Monaco’s image as being prosperous, the Principality has decided to make up for this lack of information," the government said in a statement.
The survey has been sent out to nearly 6,500 companies and professionals.
Biancheri stressed that the information will not be used for fiscal purposes, and he assured that all information will remain confidential.
The initial findings of the survey will be made available in late 2006 or early 2007.
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