San Marino Economy

Is San Marino a rich country?

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.

San Marino Economy Data

What is the GDP of San Marino?

Currency Name and Code Euro (EUR)
GDP - Gross Domestic Product (PPP) $1,914,000,000 (USD)
GDP - official exchange rate $1,543,000,000 (USD)
GDP - real growth rate 1%
GDP Per Capita $62,100.00 (USD)
GDP by Sector- agriculture 0.1%
GDP by Sector- Industry 39.2%
GDP by Sector- services 60.7%
GDP - composition, by end use exports of goods and services: 176.6%





imports of goods and services: -153.3%
Inflation Rate -2.8%
Labor Force 22,950
Labor Force By Occupation- agriculture 0.2%
Labor Force By Occupation- industry 33.5%
Labor Force By Occupation- services 66.3%
Unemployment Rate 3.8%
Fiscal Year calendar year
Annual Budget $882,100,000 (USD)
Budget Surplus or Deficit - percent of GDP -2.9%
Taxes and other revenues - percent of GDP 35.8%
Major Industries tourism, banking, textiles, electronics, ceramics, cement, wine
Industrial Growth Rate -4.9%
Agriculture Products wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
Exchange Rate per US Dollar euro (EUR)
Commercial Bank Prime Lending Rate 5.92%

Labor Force by Occupation- As reported by San Marino

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