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San Marino: Economy#

San Marino's economy relies heavily on tourism, the banking industry and the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The manufacturing and financial sectors account for more than half of San Marino's GDP. The per capita level of output and standard of living are comparable to those of the most prosperous regions of Italy. The economy benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. The income tax rate is also very low, about one-third the average EU level. San Marino does not issue public debt securities; when necessary, it finances deficits by drawing down central bank deposits. San Marino's economy has been contracting since 2008, largely due to weakened demand from Italy - which accounts for nearly 90% of its export market - and financial sector consolidation. Difficulties in the banking sector, the recent global economic downturn, and the sizeable decline in tax revenues have contributed to negative real GDP growth. The government has adopted measures to counter the economic downturn, including subsidized credit to businesses and is seeking to shift its growth model away from a reliance on bank and tax secrecy. San Marino continues to work towards harmonizing its fiscal laws with EU and international standards. In September 2009, the OECD removed San Marino from its list of tax havens that have yet to fully adopt global tax standards, and in 2010 San Marino signed Tax Information Exchange Agreements with most major countries. In 2013 San Marino's Government signed a Double Taxation Agreement with Italy, but a referendum on EU membership failed to reach the quorum needed to bring it to a vote.

Economic Facts#

GDP (purchasing power parity)$1.306 billion (2013 est.)
$1.353 billion (2012 est.)
$1.409 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-3.5% (2013 est.)
-4% (2012 est.)
-2.5% (2011 est.)
GDP - per capita (PPP)$NA (2013 est.)
$55,000 (2012 est.)
$60,800 (2011 est.)
GDP - composition, by sector of originagriculture: 0.1%
industry: 39.2%
services: 60.7% (2009)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 0.2%
industry: 33.5%
services: 66.3% (September 2013 es)
Exports - commoditiesbuilding stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Exports - partnersItaly 82.3% (2012 est.)
Agriculture - productswheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
Budgetrevenues: $667.7 million
expenditures: $721.8 million (2011)
Imports - commoditieswide variety of consumer manufactures, food, energy
Imports - partnersItaly 81.8% (2012 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2012 est.)
0.7752 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$3.827 billion (2011 est.)
$2.576 billion (2010 est.)
Debt - external$NA
Fiscal yearcalendar year
Imports$2.551 billion (2011 est.)
$2.132 billion (2010 est.)
Industrial production growth rate-1.1% (2012 est.)
Industriestourism, banking, textiles, electronics, ceramics, cement, wine
Inflation rate (consumer prices)2.8% (2012 est.)
2% (2011)
Labor force21,960 (September 2013)
Unemployment rate7% (2012)
5.5% (2011)
Public debt25.8% of GDP (2013 est.)
20.3% of GDP (2012 est.)
Reserves of foreign exchange and gold$308.6 million (2012 est.)
$341.9 million (2011)
GDP (official exchange rate)$1.866 billion (2013 est.)
Market value of publicly traded shares$NA
Commercial bank prime lending rate5.92% (31 December 2011 est.)
5.38% (31 December 2010 est.)
Stock of domestic credit$8.822 billion (30 September 2010)
$8.008 billion (31 December 2009)
Stock of narrow money$1.326 billion (31 December 2007)
Stock of broad money$4.584 billion (31 December 2007)
$4.584 billion
Taxes and other revenues35.8% of GDP (2011)
Budget surplus (+) or deficit (-)-2.9% of GDP (2012 est.)
GDP - composition, by end useexports of goods and services: 176.6%
imports of goods and services: -153.3%