San Marino Economy - 2021

Economic 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.

Real GDP growth rate

1.9% (2017 est.)

2.2% (2016 est.)

0.6% (2015 est.)

Inflation rate (consumer prices)

1% (2017 est.)

0.6% (2016 est.)

Credit ratings

Fitch rating: BB+ (2020)

Real GDP (purchasing power parity)

$2.008 billion (2018 est.)

$2.064 billion (2017 est.)

$1.982 billion (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.643 billion (2017 est.)

Real GDP per capita

$59,439 (2018 est.)

$59,000 (2017 est.)

$58,867 (2017 est.)

note: data are in 2017 dollars

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: NA (2011 est.)

government consumption: NA (2011 est.)

investment in fixed capital: NA (2011 est.)

investment in inventories: NA (2011 est.)

exports of goods and services: 176.6% (2011)

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

Ease of Doing Business Index scores

Overall score: 64.2 (2020)

Starting a Business score: 87.3 (2020)

Trading score: 97.5 (2020)

Enforcement score: 59.2 (2020)

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.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 667.7 million (2011 est.)

expenditures: 715.3 million (2011 est.)

Taxes and other revenues

40.6% (of GDP) (2011 est.)

Budget surplus (+) or deficit (-)

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

Public debt

24.1% of GDP (2017 est.)

22.5% of GDP (2016 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%, United States 8%, Germany 8%, Poland 6%, Brazil 6%, Russia 6%, Austria 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

$392 million (2014 est.)

$539.3 million (2013 est.)

Debt - external

N/A

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.)