San Marino Economy

San Marino Economy

Basic data
Capital San Marino
Population 33.70 thousand
Language Italian
Religion Roman Catholic (97%)
State system parliamentary republic
Head of State captains regents Oscar Mina, Paolo Rondelli
Head of government No
Currency name Euro (EUR)
Time shift No
Economy 2021
Nominal GDP (billion USD) 1.55
Economic growth (%) 5.2
Inflation (%) 2.1
Unemployment (%) 6.2

According to, the economy of San Marino is characterized by a high level of interdependence with the Italian economy, it is based mainly on tourism and related services, on banking, on industrial production (building materials, textiles, woodworking and furniture industry, electronics), on handicraft production (leather and ceramic products, wood, metal, stone processing) and food industry (wine production). Production in the field of philately and numismatics is also significant. Building stone is available to the country from natural mineral resources. About 61% of services and 39% of industry contribute to the creation of GDP. San Marino is a rich state, the standard of living of the population corresponds to the standards of the most developed regions of Italy. As part of economic policy, it focuses on the development of tourism and the support of modern industries and services. San Marino has a customs and monetary union with Italy and through it with the EU. Economic development, especially in 2021, was almost paralyzed by the COVID-19 pandemic, therefore the San Marino government seeks foreign investment and promotes an effective restart of economic cooperation (especially with the surrounding Italian regions of Emilia-Romagna and Marche).



  • Basic data
  • Public finances and the state budget
  • Banking system
  • Tax system

Basic data

Table from MOP + additionally balance of payments, indebtedness/GDP.

Pointer 2019 2020 2021 2022 2023
GDP growth (%) ON ON ON ON ON
GDP/population (USD/PPP) ON ON ON ON ON
Inflation (%) 1 0.5 ON ON ON
Unemployment (%) ON ON ON ON ON
Export of goods (billion USD) ON ON ON ON ON
Import of goods (billion USD) ON ON ON ON ON
Trade Balance (Billion USD) ON ON ON ON ON
Industrial production (% change) ON ON ON ON ON
Population (millions) 0 0 ON ON ON
Competitiveness ON ON ON ON ON
OECD export risk ON ON ON ON ON

Source: EIU, OECD, IMD

Public finance and state budget

Public finance 2021
State budget balance (% of GDP) ON
Public debt (% of GDP) ON
Current account balance (billion USD) ON
Taxes 2022

1st paragraph: Current status + outlook. (information mostly from EIU)

Paragraph 2: Balance of payments, foreign exchange reserves, description of data in the table in the public finance section (i.e. state budget deficit/GDP, public debt/GDP), foreign indebtedness, debt service

Banking system

How does the banking system fare, closedness/openness of the system, regulation, development of interest rates, the strongest top 5 banks (domestic + possibly foreign) + a comment on each of them, information on letters of credit, any specifics (e.g. Islamic banks)

Tax system

(if possible use Deloitte tax guides and highlights, available on the website )

1 paragraph Clear/unclear, stable/unstable tax system.

2 paragraph Taxation of FO (total and who bears it), PO, VAT.

3 paragraph. Expected development.

San Marino Economy