Economy - overview:
San Marino's economy relies heavily on tourism, the banking industry 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. 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 does not issue public debt securities; when necessary, it finances deficits by drawing down central bank deposits. San Marino's economy has been contracting 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 recent global economic downturn, and the sizeable decline in tax revenues have contributed to negative real GDP growth. The government has adopted measures to counter the economic 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 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 San Marino's 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$1.306 billion (2013 est.)
country comparison to the world: 200
$1.353 billion (2012 est.)
$1.409 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$1.866 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-3.5% (2013 est.)
country comparison to the world: 215
-4% (2012 est.)
-2.5% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$NA (2013 est.)
$55,000 (2012 est.)
$60,800 (2011 est.)
[see also: GDP - per capita country ranks ]
exports of goods and services:
176.6%
imports of goods and services:
-153.3%
agriculture:
0.1%
industry:
39.2%
services:
60.7% (2009)
wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
tourism, banking, textiles, electronics, ceramics, cement, wine
-1.1% (2012 est.)
country comparison to the world: 179
[see also: Industrial production growth rate country ranks ]
21,960 (September 2013)
country comparison to the world: 209
[see also: Labor force country ranks ]
agriculture:
0.2%
industry:
33.5%
services:
66.3% (September 2013 es)
7% (2012)
country comparison to the world: 73
5.5% (2011)
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$667.7 million
expenditures:
$721.8 million (2011)
35.8% of GDP (2011)
country comparison to the world: 62
[see also: Taxes and other revenues country ranks ]
-2.9% of GDP (2012 est.)
country comparison to the world: 121
[see also: Budget surplus (+) or deficit (-) country ranks ]
25.8% of GDP (2013 est.)
country comparison to the world: 128
20.3% of GDP (2012 est.)
[see also: Public debt country ranks ]
calendar year
2.8% (2012 est.)
country comparison to the world: 106
2% (2011)
[see also: Inflation rate (consumer prices) country ranks ]
5.92% (31 December 2011 est.)
country comparison to the world: 146
5.38% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]
$1.326 billion (31 December 2007)
[see also: Stock of narrow money country ranks ]
$4.584 billion (31 December 2007)
country comparison to the world: 131
$4.584 billion
[see also: Stock of broad money country ranks ]
$8.822 billion (30 September 2010)
country comparison to the world: 100
$8.008 billion (31 December 2009)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$3.827 billion (2011 est.)
country comparison to the world: 124
$2.576 billion (2010 est.)
[see also: Exports country ranks ]
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Italy 82.3% (2012 est.)
$2.551 billion (2011 est.)
country comparison to the world: 154
$2.132 billion (2010 est.)
[see also: Imports country ranks ]
wide variety of consumer manufactures, food, energy
Italy 81.8% (2012 est.)
$308.6 million (2012 est.)
country comparison to the world: 156
$341.9 million (2011)
[see also: Reserves of foreign exchange and gold country ranks ]
$NA
[see also: Debt - external country ranks ]
euros (EUR) per US dollar -
0.7634 (2012 est.)
0.7752 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)