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.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 sizable 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 does not issue public debt securities; when necessary, it finances deficits by drawing down central bank deposits.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 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):
$1.952 billion (2015 est.) $1.933 billion (2014 est.) $1.952 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 196
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.543 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1% (2015 est.) -1% (2014 est.) -4.5% (2013 est.)
country comparison to the world: 180
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$62,100 (2015 est.) $61,500 (2014 est.) $62,100 (2013 est.)
country comparison to the world: 15
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
exports of goods and services: 176.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -153.3% (2011)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 39.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.7% (2009)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides

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

Industrial production growth rate:
-1.1% (2012 est.)
country comparison to the world: 172
[see also: Industrial production growth rate country ranks ]

Labor force:
21,960 (September 2013 est.)
country comparison to the world: 212
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 33.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 66.3% (September 2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.7% (2014 est.) 8.1% (2013 est.)
country comparison to the world: 102
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $667.7 million
[see also: Budget revenues country ranks ]
expenditures: $712.4 million (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
43.3% of GDP (2011 est.)
country comparison to the world: 31
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2011 est.)
country comparison to the world: 104
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
25.8% of GDP (2013 est.) 20.3% of GDP (2012 est.)
country comparison to the world: 147
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2015 est.) 1.1% (2014 est.)
country comparison to the world: 50
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
5.92% (31 December 2011 est.) 5.38% (31 December 2010 est.)
country comparison to the world: 131
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$NA $1.326 billion (31 December 2007)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$NA $4.584 billion (31 December 2007)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.822 billion (30 September 2010) $8.008 billion (31 December 2009)
country comparison to the world: 106
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Exports:
$3.827 billion (2011 est.) $2.576 billion (2010 est.)
country comparison to the world: 119
[see also: Exports country ranks ]

Exports - commodities:
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics

Exports - partners:
Italy 82.3% (2012 est.)

Imports:
$2.551 billion (2011 est.) $2.132 billion (2010 est.)
country comparison to the world: 153
[see also: Imports country ranks ]

Imports - commodities:
wide variety of consumer manufactures, food, energy

Imports - partners:
Italy 81.8% (2012 est.)

Reserves of foreign exchange and gold:
$392 million (2014 est.) $539.3 million (2013 est.)
country comparison to the world: 154
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 2012 est.) 0.72 (2011 est.)