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EconomyEconomy - overview
San Marino's economy relies heavily on its tourism and banking industries, as well as on the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The per capita level of output and standard of living are comparable to those of the most prosperous regions of Italy, which supplies much of the food San Marino consumes. The economy benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. San Marino has recently faced increased international pressure to improve cooperation with foreign tax authorities and transparency within its own banking sector, which generates about one-fifth of the country''s tax revenues. Italy''s implementation in October 2009 of a tax amnesty to repatriate untaxed funds held abroad has resulted in financial outflows from San Marino to Italy worth more than $4.5 billion. Such outflows, combined with a money-laundering scandal at San Marino''s largest financial institution and the recent global economic downturn, have contributed to a deep recession, a growing budget deficit, and higher levels of debt. Industrial production has declined, especially in the textile sector, and exports have been hurt by the downturn in Italy, which accounts for 90% of San Marino''s export market. The government has adopted measures to counter the economic downturn, including subsidized credit to businesses. San Marino also continues to work towards harmonizing its fiscal laws with EU members and international standards. In September 2009, the OECD removed San Marino from its list of tax havens that have yet to fully implement global tax standards, and in 2010 San Marino signed Tax Information Exchange Agreements with most major countries. San Marino''s government continues to work with Italy to ratify a financial information exchange agreement, seen by businesses and investors as crucial to strengthening the economic relationship between the two countries. Gdp (purchasing power parity) World Ranking: 200
$1.136 billion (2011 est.)
$1.127 billion (2010 est.) $1.137 billion (2009 est.) Gdp (official exchange rate)
$1.611 billion (2011)
Gdp - real growth rate World Ranking: 181
0.8% (2011 est.)
-0.9% (2010 est.) -13% (2009 est.) Gdp - per capita (ppp) World Ranking: 34
$36,200 (2009)
$41,900 (2007) Gdp - composition by sector
Agriculture 0.1%
Industry 39.2% Services 60.7% (2009) Labor force World Ranking: 208
22,050 (December 2011)
Labor force - by occupation
Agriculture 0.2%
Industry 36.3% Services 63.5% (June 2010 est.) Unemployment rate World Ranking: 55
5.5% (2011)
4.9% (2010) Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $882.1 million
Expenditures $940.4 million (2009) Taxes and other revenues World Ranking: 13
54.8% of GDP (2009)
Budget surplus (+) or deficit (-) World Ranking: 115
-3.6% of GDP (2009)
Inflation rate (consumer prices) World Ranking: 62
3.1% (December 2011)
-3.5% (2008) Commercial bank prime lending rate World Ranking: 145
5.92% (31 December 2011 est.)
5.74% (31 December 2009 est.) Stock of narrow money
$NA (31 December 2011)
$1.326 billion (31 December 2007) Stock of broad money
$NA (31 December 2011)
$4.584 billion (31 December 2007) Stock of domestic credit World Ranking: 101
$8.822 billion (30 September 2010) $8.008 billion (31 December 2009) Market value of publicly traded shares
$NA
Agriculture - products
Wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides Industries
Tourism, banking, textiles, electronics, ceramics, cement, wine Industrial production growth rate World Ranking: 31
7.6% (2010 est.)
Exports World Ranking: 133
$2.457 billion (2010 est.)
$2.436 billion (2009) Exports - commodities
Building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics Imports World Ranking: 157
$2.132 billion (2010 est.)
$2.165 billion (2009) Imports - commodities
Wide variety of consumer manufactures, food Debt - external
$NA
Exchange rates
Euros (EUR) per US dollar -
0.7194 (2011 est.) 0.755 (2010 est.) 0.7198 (2009 est.) 0.6827 (2008 est.) 0.7345 (2007 est.) Fiscal year
Calendar year
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San Marino (San Marino):
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The third smallest state in Europe (after the Holy See and Monaco), San Marino also claims to be the world's oldest republic. According to tradition, it was founded by a Christian stonemason named Marinus in A.D. 301. San Marino's foreign policy is aligned with that of the European Union, although it is not a member; social and political trends in the republic track closely with those of its larger neighbor, Italy.