San Marino - Economic Indicators

Economic Overview

San Marino's economy relies heavily on tourism, banking, 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...

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GDP Reference Last Previous Units Frequency
Nominal Gross Domestic Product 2016 1,438 1,410 Mil. EUR Annual
Real Gross Domestic Product 2014 88.23 89.1 Index 2000=100 Annual
Private Consumption 2012 479.55 507.05 Mil. EUR Annual
Government Consumption 2012 265.53 253.32 Mil. EUR Annual
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Dec 2017 111.39 110.95 2010=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Total Employment Apr 2017 20,615 20,539 #, NSA Monthly
Labor Force Apr 2017 21,950 21,852 #, NSA Monthly
Trade Reference Last Previous Units Frequency
Imports of Goods and Services 2012 1,974 2,238 Mil. EUR Annual
Exports of Goods and Services 2012 2,245 2,580 Mil. EUR Annual
Government Reference Last Previous Units Frequency
Government Expenditures 2007 504,695,127 462,804,309 EUR Annual
Demographics Reference Last Previous Units Frequency
Population 2016 33,203 32,960 # Annual
Death Rate 2015 7.1 7.7 # per Ths. pop. Annual
Birth Rate 2015 8.2 9.1 # per Ths. pop. Annual

Factbook

Background

Background:
Geographically the third smallest state in Europe (after the Holy See and Monaco), San Marino also claims to be the world's oldest republic. According to tradition, it was founded by a Christian stonemason named MARINUS in A.D. 301. San Marino's foreign policy is aligned with that of the EU, although it is not a member; social and political trends in the republic track closely with those of its larger neighbor, Italy.

Geography

Location:
Southern Europe, an enclave in central Italy
Geographic coordinates:
43 46 N, 12 25 E
Map references:
Europe
Area:
total: 61 sq km
land: 61 sq km
water: 0 sq km
country comparison to the world: 229
Area - comparative:
about one-third the size of Washington, DC
Land boundaries:
total: 37 km
border countries (1): Italy 37 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
Mediterranean; mild to cool winters; warm, sunny summers
Terrain:
rugged mountains
Elevation:
mean elevation: NA
elevation extremes: lowest point: Torrente Ausa 55 m
highest point: Monte Titano 739 m
Natural resources:
building stone
Land use:
agricultural land: 16.7%
arable land 16.7%; permanent crops 0%; permanent pasture 0%
forest: 0%
other: 83.3% (2011 est.)
Irrigated land:
0 sq km (2012)
Natural hazards:
occasional earthquakes
Environment - current issues:
air pollution; urbanization decreasing rural farmlands
Environment - international agreements:
party to: Biodiversity, Climate Change, Desertification, Whaling
signed, but not ratified: Air Pollution
Geography - note:
landlocked; smallest independent state in Europe after the Holy See and Monaco; dominated by the Apennine Mountains

People & Society

Population:
33,537 (July 2017 est.)
country comparison to the world: 215
Nationality:
noun: Sammarinese (singular and plural)
adjective: Sammarinese
Ethnic groups:
Sammarinese, Italian
Languages:
Italian
Religions:
Roman Catholic
Age structure:
0-14 years: 15.22% (male 2,709/female 2,396)
15-24 years: 11.52% (male 2,003/female 1,861)
25-54 years: 40.78% (male 6,435/female 7,240)
55-64 years: 12.92% (male 2,142/female 2,191)
65 years and over: 19.56% (male 2,945/female 3,615) (2017 est.)
population pyramid:
Median age:
total: 44.4 years
male: 43.3 years
female: 45.4 years (2017 est.)
country comparison to the world: 8
Population growth rate:
0.74% (2017 est.)
country comparison to the world: 147
Birth rate:
8.6 births/1,000 population (2017 est.)
country comparison to the world: 217
Death rate:
8.7 deaths/1,000 population (2017 est.)
country comparison to the world: 72
Net migration rate:
7.5 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 15
Urbanization:
urban population: 94.2% of total population (2017)
rate of urbanization: 0.38% annual rate of change (2015-20 est.)
Major urban areas - population:
SAN MARINO 4,000 (2014)
Sex ratio:
at birth: 1.1 male(s)/female
0-14 years: 1.14 male(s)/female
15-24 years: 1.06 male(s)/female
25-54 years: 0.89 male(s)/female
55-64 years: 0.99 male(s)/female
65 years and over: 0.81 male(s)/female
total population: 0.94 male(s)/female (2016 est.)
Infant mortality rate:
total: 4.3 deaths/1,000 live births
male: 4.5 deaths/1,000 live births
female: 4.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 188
Life expectancy at birth:
total population: 83.3 years
male: 80.8 years
female: 86.1 years (2017 est.)
country comparison to the world: 5
Total fertility rate:
1.5 children born/woman (2017 est.)
country comparison to the world: 198
Health expenditures:
6.1% of GDP (2014)
country comparison to the world: 102
Physicians density:
6.36 physicians/1,000 population (2014)
Hospital bed density:
3.8 beds/1,000 population (2012)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Education expenditures:
2.4% of GDP (2011)
School life expectancy (primary to tertiary education):
total: 15 years
male: 15 years
female: 16 years (2012)
Unemployment, youth ages 15-24:
total: 28%
male: 22.9%
female: 34.4% (2015 est.)

Government

Country name:
conventional long form: Republic of San Marino
conventional short form: San Marino
local long form: Repubblica di San Marino
local short form: San Marino
etymology: named after Saint MARINUS, the traditional founder of the country
Government type:
parliamentary republic
Capital:
name: San Marino (city)
geographic coordinates: 43 56 N, 12 25 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
9 municipalities (castelli, singular - castello); Acquaviva, Borgo Maggiore, Chiesanuova, Domagnano, Faetano, Fiorentino, Montegiardino, San Marino Citta, Serravalle
Independence:
3 September 301 (traditional founding date)
National holiday:
Founding of the Republic (or Feast of Saint Marinus), 3 September (A.D. 301)
Constitution:
history: consists of several legislative instruments, chief among them the Statutes (Leges Statuti) of 1600 and the Declaration of Citizen Rights of 1974
amendments: proposed by the Great and General Council; passage requires two-thirds majority Council vote; Council passage by absolute majority vote also requires passage in a referendum; Declaration of Civil Rights amended several times, last in 2012 (2016)
Legal system:
civil law system with Italian civil law influences
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of San Marino
dual citizenship recognized: no
residency requirement for naturalization: 30 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: co-chiefs of state Captain Regent Mateo FIORINI and Captain Regent Enrico CARATTONI (for the period 1 October 2017 - 1 April 2018)
head of government: Secretary of State for Foreign and Political Affairs Nicola RENZI (since 27 December 2016)
cabinet: Congress of State elected by the Grand and General Council
elections/appointments: co-chiefs of state (captains regent) indirectly elected by the Grand and General Council for a single 6-month term; election last held in September 2017 (next to be held in March 2018); secretary of state for foreign and political affairs indirectly elected by the Grand and General Council for a single 5-year term; election last held on 11 November 2012 (next to be held by November 2017)
election results: Mateo FIORINI (Popular Alliance) and Enrico CARATTONI (SSD) elected captains regent; percent of Grand and General Council vote - NA; Pasquale VALENTINI (PDCS) elected secretary of state for foreign and political affairs; percent of Grand and General Council vote - NA
note: the captains regent preside over meetings of the Grand and General Council and its cabinet (Congress of State), which has 9 other members who are selected by the Grand and General Council; assisting the captains regent are 9 secretaries of state; the secretary of state for Foreign Affairs has some prime ministerial roles
Legislative branch:
description: unicameral Grand and General Council or Consiglio Grande e Generale (60 seats; members directly elected by proportional representation vote in 2 rounds if needed; members serve 5-year terms)
elections: last held on 20 November 2016 (next to be held by November 2021)
election results: percent of vote by party - San Marino First 39.4% (PDCS 24.5%, PS 7.7%, PSD 7.2%), Adesso.sm 31.0% Democratic Socialist Left 12.1%, Repubblica Futura 9.6%, Civic 10 9.3%), Democracy in Action 22.8% RETE Movement 18.3%, Democratic Movement-San Marino Together 4.5%); seats by party - San Marino First 25 (PDCS 16, PS 5, PSD 4), Adesso.sm 20 (Democratic Socialist Left 8, Repubblica Futura 6, Civic 10 6), Democracy in Action 15 RETE Movement 12, Democratic Movement-San Marino Together 3)
Judicial branch:
highest court(s): Council of Twelve or Consiglio dei XII (consists of 12 members); note - the College of Guarantors for the Constitutionality and General Norms functions as San Marino's constitutional court
judge selection and term of office: judges elected by the Grand and General Council from among its own to serve 5-year terms
subordinate courts: first instance and first appeal criminal, administrative, and civil courts; justices of the peace or conciliatory judges
Political parties and leaders:
San Marino Common Good (includes Sammarinese Christian Democratic Party or PDCS [Marco GATTI], We Sammarinese or NS [Marco ARZILLI], Party of Socialists and Democrats or PSD [Paride ANDREOLI], Popular Alliance or AP [Gabriele GATTI])
Entente for the Country (Intesa per il Paese; includes Socialist Party or PS [Alessandro BEVITORI], Union for the Republic or UPR [Marco PODESCHI)
Active Citizenship (includes Civic 10 [Mateo CIACCI], United Left or SU [Gastone PASOLINI])
Political pressure groups and leaders:
NA
International organization participation:
CE, FAO, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM (observer), IPU, ITU, ITUC (NGOs), LAIA (observer), OPCW, OSCE, Schengen Convention (de facto member), UN, UNCTAD, UNESCO, Union Latina, UNWTO, UPU, WHO, WIPO
Diplomatic representation in the US:
chief of mission: Ambassador Damiano BELEFFI (since 21 July 2017)
chancery: 1711 N Street NW, 2nd floor, Washington, DC 20036
telephone: 202-250-1535
FAX: 202-223-2748
Diplomatic representation from the US:
the US does not have an embassy in San Marino; the US Ambassador to Italy is accredited to San Marino
Flag description:
two equal horizontal bands of white (top) and light blue with the national coat of arms superimposed in the center; the main colors derive from the shield of the coat of arms, which features three white towers on three peaks on a blue field; the towers represent three castles built on San Marino's highest feature, Mount Titano: Guaita, Cesta, and Montale; the coat of arms is flanked by a wreath, below a crown and above a scroll bearing the word LIBERTAS (Liberty); the white and blue colors are also said to stand for peace and liberty respectively
National symbol(s):
three peaks each displaying a tower; national colors: white, blue
National anthem:
name: "Inno Nazionale della Repubblica" (National Anthem of the Republic)
lyrics/music: no lyrics/Federico CONSOLO
note: adopted 1894; the music for the lyric-less anthem is based on a 10th century chorale piece

Economy

Economy - overview:
San Marino's economy relies heavily on tourism, banking, 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 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, the San Marino 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):
$2.023 billion (2016 est.)
$1.978 billion (2015 est.)
$1.947 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 196
GDP (official exchange rate):
$1.591 billion (2016 est.)
GDP - real growth rate:
1% (2016 est.)
0.5% (2015 est.)
-0.9% (2014 est.)
country comparison to the world: 171
GDP - per capita (PPP):
$59,500 (2016 est.)
$58,900 (2015 est.)
$58,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 18
GDP - composition, by end use:
household consumption: NA%
government consumption: NA%
investment in fixed capital: NA%
investments in inventories: NA%
exports of goods and services: 176.6%
imports of goods and services: -153.3% (2011)
GDP - composition, by sector of origin:
agriculture: 0.1%
industry: 39.2%
services: 60.7% (2009)
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: 170
Labor force:
21,960 (September 2013 es)
country comparison to the world: 212
Labor force - by occupation:
agriculture: 0.2%
industry: 33.5%
services: 66.3% (September 2013 es)
Unemployment rate:
8.6% (2016 est.)
8.1% (2013 est.)
country comparison to the world: 111
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $667.7 million
expenditures: $713.8 million (2011 est.)
Taxes and other revenues:
41.9% of GDP (2011 est.)
country comparison to the world: 33
Budget surplus (+) or deficit (-):
-2.9% of GDP (2011 est.)
country comparison to the world: 115
Public debt:
21.6% of GDP (2016 est.)
19.7% of GDP (2015 est.)
country comparison to the world: 181
Fiscal year:
calendar year
Inflation rate (consumer prices):
0.6% (2016 est.)
0.1% (2015 est.)
country comparison to the world: 68
Commercial bank prime lending rate:
5.92% (31 December 2011 est.)
5.38% (31 December 2010 est.)
country comparison to the world: 123
Stock of narrow money:
$1.326 billion (31 December 2007)
country comparison to the world: 144
Stock of broad money:
$4.584 billion (31 December 2007)
country comparison to the world: 128
Stock of domestic credit:
$8.822 billion (30 September 2010)
$8.008 billion (31 December 2009)
country comparison to the world: 111
Market value of publicly traded shares:
$NA
Current account balance:
$0 (2016 est.)
Exports:
$3.827 billion (2011 est.)
$2.576 billion (2010 est.)
country comparison to the world: 114
Exports - commodities:
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Imports:
$2.551 billion (2011 est.)
$2.132 billion (2010 est.)
country comparison to the world: 151
Imports - commodities:
wide variety of consumer manufactures, food, energy
Reserves of foreign exchange and gold:
$392 million (2014 est.)
$539.3 million (2013 est.)
country comparison to the world: 148
Debt - external:
$NA
Exchange rates:
euros (EUR) per US dollar -
0.9214 (2016 est.)
0.885 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)
0.7752 (2012 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)

Communications

Telephones - fixed lines:
total subscriptions: 16,000
subscriptions per 100 inhabitants: 48 (July 2016 est.)
country comparison to the world: 186
Telephones - mobile cellular:
total: 36,570
subscriptions per 100 inhabitants: 110 (July 2016 est.)
country comparison to the world: 206
Telephone system:
general assessment: automatic telephone system completely integrated into Italian system
domestic: combined fixed-line and mobile-cellular teledensity over 155 telephones per 100 persons
international: country code - 378; connected to Italian international network (2016)
Broadcast media:
state-owned public broadcaster operates 1 TV station and 3 radio stations; receives radio and TV broadcasts from Italy (2012)
Internet country code:
.sm
Internet users:
total: 17,200
percent of population: 52.6% (July 2016 est.)
country comparison to the world: 202

Transportation

Civil aircraft registration country code prefix:
T7 (2016)
Roadways:
total: 292 km
paved: 292 km (2006)
country comparison to the world: 207

Military & Security

Military branches:
no regular military forces; voluntary Military Corps (Corpi Militari) performs ceremonial duties and limited police support functions (2010)
Military service age and obligation:
18 is the legal minimum age for voluntary military service; no conscription; government has the authority to call up all San Marino citizens from 16-60 years of age to service in the military (2012)
Military - note:
defense is the responsibility of Italy

Transnational Issues

Disputes - international:
none

Economic Indicators for San Marino including actual values, historical data, and latest data updates for the San Marino economy.