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San Marino: Economy#

San Marino's economy relies heavily on tourism, banking, 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.

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 sizable decline in tax revenues have contributed to negative real GDP growth. The government has adopted measures to counter the 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 does not issue public debt securities; when necessary, it finances deficits by drawing down central bank deposits.

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 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, the San Marino 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)$2.023 billion (2016 est.)
$2.003 billion (2015 est.)
$1.993 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$1.556 billion (2015 est.)
GDP - real growth rate1% (2016 est.)
0.5% (2015 est.)
-1% (2014 est.)
GDP - per capita (PPP)$65,300 (2016 est.)
$64,600 (2015 est.)
$64,300 (2014 est.)
note: data are in 2016 dollars
GDP - composition, by end usehousehold consumption: NA%
government consumption: NA%
investment in fixed capital: NA%
investments in inventories: NA%
exports of goods and services: 176.6%
imports of goods and services: -153.3% (2011)
GDP - composition, by sector of originagriculture: 0.1%
industry: 39.2%
services: 60.7% (2009)
Agriculture - productswheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
Industriestourism, banking, textiles, electronics, ceramics, cement, wine
Industrial production growth rate-1.1% (2012 est.)
Labor force21,960 (September 2013 es)
Labor force - by occupationagriculture: 0.2%
industry: 33.5%
services: 66.3% (September 2013 es)
Unemployment rate8.7% (2014 est.)
8.1% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $667.7 million
expenditures: $712.8 million (2011 est.)
Taxes and other revenues42.9% of GDP (2011 est.)
Budget surplus (+) or deficit (-)-2.9% of GDP (2011 est.)
Public debt25.8% of GDP (2013 est.)
20.3% of GDP (2012 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)0.6% (2016 est.)
0.1% (2015 est.)
Commercial bank prime lending rate5.92% (31 December 2011 est.)
5.38% (31 December 2010 est.)
Stock of narrow money$NA
$1.326 billion (31 December 2007)
Stock of broad money$NA
$4.584 billion (31 December 2007)
Stock of domestic credit$8.822 billion (30 September 2010)
$8.008 billion (31 December 2009)
Market value of publicly traded shares$NA
Exports$3.827 billion (2011 est.)
$2.576 billion (2010 est.)
Exports - commoditiesbuilding stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Exports - partnersItaly 82.3% (2012 est.)
Imports$2.551 billion (2011 est.)
$2.132 billion (2010 est.)
Imports - commoditieswide variety of consumer manufactures, food, energy
Imports - partnersItaly 81.8% (2012 est.)
Reserves of foreign exchange and gold$392 million (2014 est.)
$539.3 million (2013 est.)
Debt - external$NA
Exchange rateseuros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.7752 2012 est.)