Page last updated on February 5, 2013
Economy - overview:
San Marino's economy relies heavily on its banking industry and on 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, which supplies much of the food San Marino consumes. 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, and when necessary, finances its deficits by drawing down deposits at its central bank. San Marino's economy encounted setbacks in recent years as a result of weak demand from Italy - which accounts for 90% of its export market - and financial sector consolidation. Italy's implementation in October 2009 of a tax amnesty to repatriate untaxed funds held abroad has resulted in financial outflows from San Marino to Italy worth more than $4.5 billion. These outflows have contributed to a consolidation in the financial sector. Bank difficulties, combined with a money-laundering scandal at San Marino's largest financial institution and with the recent global economic downturn, have led to a deep recession, a growing budget deficit, and a higher level of debt. The government has adopted measures to counter the economic downturn, including subsidized credit to businesses. San Marino also continues to work towards harmonizing its fiscal laws with EU members 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. San Marino's government continues to work with Italy to ratify a financial information exchange agreement, seen by businesses and investors as crucial to strengthening the economic relationship between the two countries.
GDP (purchasing power parity):
$1.357 billion (2012 est.)
country comparison to the world: 199
$1.393 billion (2011 est.)
$1.43 billion (2010 est.)
[see also:
GDP country ranks ]
GDP (official exchange rate):
$1.85 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
-2.6% (2012 est.)
country comparison to the world: 208
-2.6% (2011 est.)
-5.2% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$36,200 (2009)
country comparison to the world: 35
$41,900 (2007)
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 0.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
39.2%
services:
60.7% (2009)
Labor force:
22,050 (December 2011)
country comparison to the world: 209
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 0.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
36.3%
services:
63.5% (June 2010 est.)
Unemployment rate:
5.5% (2011)
country comparison to the world: 54
4.9% (2010)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Budget:
revenues: $882.1 million
[see also: Budget revenues country ranks ]
expenditures:
$940.4 million (2009)
Taxes and other revenues:
47.7% of GDP (2009)
country comparison to the world: 27
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-3.2% of GDP (2009)
country comparison to the world: 108
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
3.1% (December 2011)
country comparison to the world: 84
-3.5% (2008)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
5.92% (31 December 2011 est.)
country comparison to the world: 152
5.38% (31 December 2010 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$NA (31 December 2011)
$1.326 billion (31 December 2007)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$NA (31 December 2011)
$4.584 billion (31 December 2007)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$8.822 billion (30 September 2010)
country comparison to the world: 103
$8.008 billion (31 December 2009)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
Industries:
tourism, banking, textiles, electronics, ceramics, cement, wine
Industrial production growth rate:
7.6% (2010 est.)
country comparison to the world: 31
[see also: Industrial production growth rate country ranks ]
Exports:
$2.576 billion (2010 est.)
country comparison to the world: 136
$2.436 billion (2009)
[see also:
Exports country ranks ]
Exports - commodities:
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Imports:
$2.132 billion (2010 est.)
country comparison to the world: 160
$2.165 billion (2009)
[see also:
Imports country ranks ]
Imports - commodities:
wide variety of consumer manufactures, food
Debt - external:
$NA
[see also: Debt - external country ranks ]
Exchange rates:
euros (EUR) per US dollar -
0.7838 (2011)
0.7185 (2010)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Fiscal year:
calendar year
NOTE: The information regarding San Marino on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of San Marino Economy 2013 information contained here. All suggestions for corrections of any errors about San Marino Economy 2013 should be addressed to the CIA.
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