San Marino Economy Profile 2009

Economy - overview

San Marino's economy relies heavily on its tourism and banking industries, as well as from the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The economy also benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. The San Marino government, sworn in on 3 December 2008, will continue to work towards an economic cooperation agreement with Italy - a longstanding priority - as well as harmonizing its fiscal laws with EU members. 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 its food.

GDP (purchasing power parity)

$1.662 billion (2007)
$850 million (2004 est.)

GDP (official exchange rate)

$1.048 billion (2004)

GDP - real growth rate

4.3% (2007 est.)

GDP - per capita (PPP)

$41,900 (2007)

GDP - composition by sector

agriculture: 0.1%
industry: 46.5%
services: 53.4% (2007)

Population below poverty line

NA%

Labor force

22,660 (2008)

Labor force - by occupation

agriculture: 0.1%
industry: 37.7%
services: 62.2% (2008 est.)

Unemployment rate

3.1% (2008)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $690.6 million
expenditures: $652.9 million (2006)

Inflation rate (consumer prices)

-3.5% (2008)
-1.5% (2006)

Commercial bank prime lending rate

NA% (31 December 2008)
7.58% (31 December 2007)

Stock of money

$NA (31 December 2008)
$1.326 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$4.584 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$7.511 billion (31 December 2007)

Industries

tourism, banking, textiles, electronics, ceramics, cement, wine

Industrial production growth rate

3.1% (2007)

Agriculture - products

wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides

Exports

$4.628 billion (2007)
$1.291 billion (2004)

Exports - commodities

building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics

Imports

$3.744 billion (2007)
$2.035 billion (2004)

Imports - commodities

wide variety of consumer manufactures, food

Debt - external

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$NA

Currency (code)

EUR

Currency (code)

euro (EUR)

Exchange rates

euros (EUR) per US dollar - 0.6734 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year

calendar year