San Marino Economy
Is San Marino a wealthy country?
San Marino, a microstate surrounded by Italy, has a unique and stable economy characterized by its strong banking sector, tourism industry, and traditional manufacturing activities.
Banking and Finance: San Marino has developed a reputable banking and financial services sector, attracting international investments and serving as a tax haven for individuals and businesses. The country's banking laws and regulations are designed to promote transparency and financial stability, contributing significantly to its economy.
Tourism: Tourism plays a crucial role in the San Marino economy, with the country's medieval architecture, cultural heritage, and scenic landscapes attracting visitors worldwide. Tourists flock to explore historic sites such as the Three Towers of San Marino, the Basilica di San Marino, and the Palazzo Pubblico, contributing to revenue generation and job creation in the tourism sector.
Manufacturing: San Marino has a small but resilient manufacturing sector, specializing in traditional industries such as ceramics, textiles, and handicrafts. Local artisans produce high-quality goods that are exported to international markets, showcasing the country's craftsmanship and creativity.
Trade and Commerce: San Marino deals with neighboring countries, particularly Italy, importing food, machinery, and consumer goods. The country's strategic location within the European Union facilitates trade relations and economic cooperation with regional partners.
Services Sector: The services sector in San Marino encompasses a wide range of industries, including retail, hospitality, transportation, and professional services. Small businesses and family-owned enterprises form the backbone of the services sector, contributing to employment and economic growth.
Fiscal Policy: San Marino maintains a balanced budgetary policy promoting economic stability and sustainable growth. The government implements prudent fiscal measures to manage public finances effectively, ensuring long-term financial resilience and strength.
Challenges and Opportunities: Despite its stable economy, San Marino faces limited natural resources, reliance on external factors, and vulnerability to global economic fluctuations. However, the country also has opportunities for growth, including diversification of the economy, investment in infrastructure, and promotion of sustainable tourism.
San Marino Economy Data
What is the GDP of San Marino?
| Currency Name and Code | Euro (EUR) |
| GDP - Gross Domestic Product (PPP) | $2,060,000,000 (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% |