San Marino Economy - 2023

GEOGRAPHICAL NAMES 

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.)

NOTE: The information regarding San Marino on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of San Marino 2023 information contained here. All suggestions for corrections of any errors about San Marino 2023 should be addressed to the CIA or the source cited on each page.