| Economy | San Marino |
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Economy - 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):
|
$1.136 billion (2011 est.)
$1.127 billion (2004 est.)
$1.137 billion |
GDP - per capita (PPP):
|
$36,200 (2009)
$41,900 (2007) |
GDP (official exchange rate):
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$1.611 billion (2011) |
GDP - real growth rate:
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0.8% (2011 est.)
-0.9% (2010 est.)
-13% |
GDP - composition by sector:
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agriculture: 0.1%
industry: 39.2%
services: 60.7% (2009) |
Investment (gross fixed):
|
void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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2.8% (June 2010)
-3.5% (2008) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
5.39% (September 2010)
5.74% (31 December 2009 est.) |
Stock of money:
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$NA (31 December 2008)
$1.326 billion (31 December 2007) |
Stock of money - per capita:
|
1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$4.584 billion (31 December 2007) |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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$8.822 billion (30 September 2010)
$8.008 billion (31 December 2009) |
Stock of domestic credit - per capita:
|
277,274 USD per capita |
Stock of narrow money:
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$NA (31 December 2008)
$1.326 billion (31 December 2007) |
Stock of broad money:
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$NA (31 December 2008)
$4.584 billion (31 December 2007) |
Labor force:
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22,950 (June 2010) |
Labor force participation rate:
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72.13 % of population |
Labor force - by occupation:
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agriculture: 0.2%
industry: 36.3%
services: 63.5% (June 2010 est.) |
Unemployment rate:
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4.9% (2010)
3.1% (2008) |
Unemployment, youth ages 15-24:
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total: 8.2%
male: 7.69%
female: 8.71% (2009) |
Budget:
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revenues: $882.1 million
expenditures: $940.4 million (2009) |
Budget revenues per capita:
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27,725 USD per capita |
Taxes and other revenues:
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57.5% of GDP (2009) |
Budget surplus (+) or deficit (-):
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-4.6% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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tourism, banking, textiles, electronics, ceramics, cement, wine |
Industrial production growth rate:
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-4.9% (2009) |
Electricity - production:
|
void |
Electricity - production per capita:
|
void |
Electricity - consumption:
|
void |
Electricity - consumption - per capita:
|
void |
Electricity - exports:
|
void |
Electricity - imports:
|
void |
Oil - production:
|
void |
Oil - production per capita:
|
void |
Oil - consumption:
|
void |
Oil - consumption - per capita:
|
void |
Oil - exports:
|
void |
Oil - imports:
|
void |
Oil - proved reserves:
|
void |
Natural gas - production:
|
void |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
void |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
void |
Natural gas - imports:
|
void |
Natural gas - proved reserves:
|
void |
Agriculture - products:
|
wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$2.457 billion (2010 est.)
$2.436 billion (2009) |
Exports per capita:
|
77,223 USD per capita |
Exports - commodities:
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building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics |
Exports - partners:
|
void |
Imports:
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$2.132 billion (2010 est.)
$2.165 billion (2009) |
Imports per capita:
|
67,009 USD per capita |
Imports - commodities:
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wide variety of consumer manufactures, food |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$NA |
Debt - external - per capita:
|
void |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
|
euros (EUR) per US dollar -
0.7107 (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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