Gouvernement Princier, Principauté de Monaco

The Principality of Monaco is an independent sovereign state bordering the Mediterranean sea, with a territory of 2 km2 and a population of 36,136 as at 31 December 2012, of which 8,675 are Monegasque nationals.
The Principality’s political and institutional system is governed by the Constitution of 17 December 1962 (amended), the fundamental law of the state, which defines the type of government, the organisation of the public authorities and their relationship.
The Principality is a hereditary and constitutional monarchy, which asserts the rule of law over all institutions. The government operates under the high authority of H.S.H. the sovereign Prince Albert II.
It is comprised of the Minister of state and five government Ministers, each of whom heads a Ministry (the Ministries of Interior; Foreign Affairs; Public Works, the Environment and Urban Development; Finance and Economy; and Health and Social Affairs). The government’s mission is to enforce the law, oversee the running of public services and maintain public order.
Legislative power is exercised by the Prince and the National Council (an elected assembly of 24 members) with an independent judiciary. Monaco’s socio-economic model is based on the absence of debt and a balanced budget or budgetary surplus in line with the road map set out by H.S.H. the sovereign Prince Albert II, plus a large constitutional reserve fund.
For 2011, the nominal Gross Domestic Product (current rates) was 4.37 billion euros as against 4.04 billion in 2010 with a growth rate calculated on the GDP adjusted for the effect of inflation, which is +6.6%.
Monaco’s economy is based on an “onshore” system with more than 4,000 businesses, spread over a wide range of sectors, including wholesaling, industry, tourism and finance, which are all established there.
Monaco has a workforce of 49,605 to meet the human resources requirements of these activities, 40,000 of whom, i.e. 85%, commute to the Principality every day from France and Italy.