San Marino Economy - 2023

Economic overview

high-income, non-EU European economy; surrounded by Italy, which is the dominant importer and exporter; open border to EU and a euro user; strong financial sector; high foreign investments; low taxation; increasingly high and risky debt

Real GDP (purchasing power parity)

$1.917 billion (2020 est.)

$2.053 billion (2019 est.)

$2.012 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

-6.65% (2020 est.)

2.07% (2019 est.)

1.49% (2018 est.)

Real GDP per capita

$56,400 (2020 est.) note: data are in 2017 dollars

$60,100 (2019 est.) note: data are in 2017 dollars

$58,900 (2018 est.)

GDP (official exchange rate)

$1.643 billion (2017 est.)

Inflation rate (consumer prices)

1.05% (2017 est.)

0.6% (2016 est.)

Credit ratings

Fitch rating: BB+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.1% (2009)

industry: 39.2% (2009)

services: 60.7% (2009)

GDP - composition, by end use

household consumption: (2011 est.) NA

government consumption: (2011 est.) NA

investment in fixed capital: (2011 est.) NA

investment in inventories: (2011 est.) NA

exports of goods and services: 176.6% (2011)

imports of goods and services: -153.3% (2011)

Agricultural products

wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides

Industries

tourism, banking, textiles, electronics, ceramics, cement, wine

Industrial production growth rate

-1.1% (2012 est.)

Labor force

21,960 (September 2013 est.)

Labor force - by occupation

agriculture: 0.2%

industry: 33.5%

services: 66.3% (September 2013 est.)

Unemployment rate

8.1% (2017 est.)

8.6% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 27.4%

male: 21.4%

female: 36% (2016 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $371 million (2019 est.)

expenditures: $363 million (2019 est.)

Budget surplus (+) or deficit (-)

-2.9% (of GDP) (2011 est.)

Public debt

98.35% of GDP (2020 est.)

55.09% of GDP (2019 est.)

55.94% of GDP (2018 est.)

Taxes and other revenues

16.14% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$0 (2017 est.)

$0 (2016 est.)

Exports

$3.827 billion (2011 est.)

$2.576 billion (2010 est.)

Exports - partners

Romania 10%, France 9%, Germany 8%, United States 8%, Austria 6%, Brazil 6%, Poland 6%, Russia 6%, (2019)

Exports - commodities

industrial washing/bottling machinery, packaged medicines, woodworking machinery, foodstuffs, aircraft (2019)

Imports

$2.551 billion (2011 est.)

$2.132 billion (2010 est.)

Imports - partners

Germany 21%, Italy 13%, Poland 10%, France 7%, Spain 7%, Belgium 6%, Romania 6% (2019)

Imports - commodities

electricity, cars, aluminum, footwear, natural gas, iron piping (2019)

Reserves of foreign exchange and gold

$954.512 million (31 December 2021 est.)

$781.805 million (31 December 2020 est.)

$473.111 million (31 December 2019 est.)

Debt - external

N/A

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.877 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)