Economy - overview:
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 contracted considerably in the years 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 global economic downturn, and the sizable decline in tax revenues all contributed to negative real GDP growth. The government 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.

GDP (purchasing power parity):
$2.064 billion (2017 est.)
$2.026 billion (2016 est.)
$1.983 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 195
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.643 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.9% (2017 est.)
2.2% (2016 est.)
0.6% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 157
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$59,000 (2017 est.)
$59,600 (2016 est.)
$58,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 20
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: NA (2011 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: NA (2011 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: NA (2011 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: NA (2011 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 176.6% (2011)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -153.3% (2011)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.1% (2009)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 39.2% (2009)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.7% (2009)
[see also: GDP - composition, by sector of origin - services 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:
-1.1% (2012 est.)
country comparison to the world (CIA rank, may be based on non-current data): 178
[see also: Industrial production growth rate country ranks ]

Labor force:
21,960 (September 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 211
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 33.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 66.3% (September 2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.1% (2017 est.)
8.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 118
[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
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 667.7 million (2011 est.)
[see also: Budget - revenues country ranks ]
expenditures: 715.3 million (2011 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
40.6% (of GDP) (2011 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% (of GDP) (2011 est.)
country comparison to the world (CIA rank, may be based on non-current data): 129
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
24.1% of GDP (2017 est.)
22.5% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 180
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1% (2017 est.)
0.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
5.92% (31 December 2011 est.)
5.38% (31 December 2010 est.)
country comparison to the world (CIA rank, may be based on non-current data): 127
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.326 billion (31 December 2007)
country comparison to the world (CIA rank, may be based on non-current data): 147
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.584 billion (31 December 2007)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.822 billion (30 September 2010)
$8.008 billion (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 112
[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 ]

Current account balance:
$0 (2017 est.)
$0 (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 67
[see also: Current account balance country ranks ]

Exports:
$3.827 billion (2011 est.)
$2.576 billion (2010 est.)
country comparison to the world (CIA rank, may be based on non-current data): 118
[see also: Exports country ranks ]

Exports - commodities:
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics

Imports:
$2.551 billion (2011 est.)
$2.132 billion (2010 est.)
country comparison to the world (CIA rank, may be based on non-current data): 156
[see also: Imports country ranks ]

Imports - commodities:
wide variety of consumer manufactures, food, energy

Reserves of foreign exchange and gold:
$392 million (2014 est.)
$539.3 million (2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 161
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
NA
[see also: Debt - external country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)