Country Details
San Marino
Southern Europe, an enclave in central Italy
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Economy
Detailed information and insights
Economic overview
high-income, non-EU European economy; surrounded by Italy, which is the dominant importer and exporter; open border to EU and a euro user; strong financial sector; high foreign investments; low taxation; increasingly high and risky debt
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$2.393 billion (2022 est.)
Real GDP (purchasing power parity) 2021
$2.218 billion (2021 est.)
Real GDP (purchasing power parity) 2020
$1.947 billion (2020 est.)
Real GDP growth rate
Real GDP growth rate 2022
7.9% (2022 est.)
Real GDP growth rate 2021
13.9% (2021 est.)
Real GDP growth rate 2020
-6.6% (2020 est.)
Real GDP per capita
Real GDP per capita 2022
$70,900 (2022 est.)
Real GDP per capita 2021
$64,700 (2021 est.)
Real GDP per capita 2020
$56,000 (2020 est.)
GDP (official exchange rate)
$1.832 billion (2022 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2024
1.2% (2024 est.)
Inflation rate (consumer prices) 2023
5.9% (2023 est.)
Inflation rate (consumer prices) 2022
5.3% (2022 est.)
GDP - composition, by sector of origin
Agriculture
0% (2022 est.)
Industry
37.6% (2022 est.)
Services
55.1% (2022 est.)
GDP - composition, by end use
Household consumption
35.5% (2022 est.)
Government consumption
17.1% (2022 est.)
Investment in fixed capital
17.8% (2022 est.)
Investment in inventories
5.2% (2022 est.)
Exports of goods and services
197.4% (2022 est.)
Imports of goods and services
-173% (2022 est.)
Agricultural products
wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides
Industries
tourism, banking, textiles, electronics, ceramics, cement, wine
Industrial production growth rate
10.7% (2022 est.)
Note
note: annual % change in industrial value added based on constant local currency
Remittances
Remittances 2022
1.2% of GDP (2022 est.)
Remittances 2021
1.1% of GDP (2021 est.)
Remittances 2020
1.1% of GDP (2020 est.)
Budget
Revenues
$841.03 million (2023 est.)
Expenditures
$816.886 million (2023 est.)
Public debt
Public debt 2022
103.2% of GDP (2022 est.)
Taxes and other revenues
17.8% (of GDP) (2022 est.)
Note
note: central government tax revenue as a % of GDP
Current account balance
Current account balance 2022
$284.256 million (2022 est.)
Current account balance 2021
$100.118 million (2021 est.)
Current account balance 2020
$42.98 million (2020 est.)
Exports
Exports 2022
$3.616 billion (2022 est.)
Exports 2021
$3.23 billion (2021 est.)
Exports 2020
$2.439 billion (2020 est.)
Exports - partners
Germany 12%, Austria 10%, USA 9%, Romania 8%, Brazil 7% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
washing and bottling machines, other foods, packaged medicine, woodworking machines, aircraft (2023)
Note
note: top five export commodities based on value in dollars
Imports
Imports 2022
$3.169 billion (2022 est.)
Imports 2021
$2.94 billion (2021 est.)
Imports 2020
$2.232 billion (2020 est.)
Imports - partners
Germany 24%, Italy 13%, Netherlands 9%, Spain 9%, Poland 8% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
garments, cars, electricity, animal food, footwear (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023
$836.088 million (2023 est.)
Reserves of foreign exchange and gold 2022
$716.066 million (2022 est.)
Reserves of foreign exchange and gold 2021
$954.383 million (2021 est.)
Exchange rates
Currency
euros (EUR) per US dollar -
Exchange rates 2024
0.924 (2024 est.)
Exchange rates 2023
0.925 (2023 est.)
Exchange rates 2022
0.951 (2022 est.)
Exchange rates 2021
0.845 (2021 est.)
Exchange rates 2020
0.877 (2020 est.)