Economy of San Marino

Economy - overview: In San Marino the tourist sector contributes over 50% of gross domestic product. In 1997 more than 3.3 million tourists visited San Marino. The key industries are banking, wearing apparel, electronics, and ceramics. In addition, San Marino sells collectible postage stamps to philatelists. Main agricultural products are wine and cheeses. The per capita level of output and standard of living are comparable to those of Italy, which supplies much of its food.

San Marino's per capita gross national product in 2000 stood at $32,000 with more than 50% of that coming from the tourism industry which draws about 3.15 million people annually. One of the greatest sources of income from tourism comes from the sale of historic coins and stamps. In 1894, San Marino issued the first commemorative stamps and since then that has been part of a large livelihood in the republic. All 10 of the Post Offices of San Marino sell these stamps and collectable coins, including "Legal Gold Tender Coins."

Traditional economic activities in San Marino were food crops, sheep farming, and stone quarrying. Today farming activities focus on grain, vines and orchards, as well as animal husbandry (cattle and swine). Besides the tourism industry, San Marino makes most of its income from the banking industry and from the manufacture and export of ceramics, tiles, furniture, clothing, paints, fabrics, and spirits/wines.

The per capita level of output and standard of living in San Marino are comparable to those of Italy. In addition, San Marino maintains the lowest unemployment rate in Europe, a state budget surplus, and no national debt.

GDP: purchasing power parity - $500 million (1997 est.)

GDP - real growth rate: NA%

GDP - per capita: purchasing power parity - $20,000 (1997 est.)

GDP - composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 2% (1997)

Labor force: 15,600 (1995)

Labor force - by occupation: services 60%, industry 38%, agriculture 2% (1998 est.)

Unemployment rate: 3.6% (April 1996)

Budget:
revenues: $320 million
expenditures: $320 million, including capital expenditures of $26 million (1995 est.)

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

Industrial production growth rate: NA%

Electricity - production: NA kWh

Electricity - production by source:
fossil fuel: NA%
hydro: NA%
nuclear: NA%
other: NA%

Electricity - consumption: NA kWh

Electricity - exports: NA kWh

Electricity - imports: NA kWh
note: electricity supplied by Italy

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

Exports: trade data are included with the statistics for Italy

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

Imports: trade data are included with the statistics for Italy

Imports - commodities: wide variety of consumer manufactures, food

Debt - external: $NA

Economic aid - recipient: $NA

Currency: 1 Italian lira (Lit) = 100 centesimi; note - also mints its own coins

Exchange rates: euros per US$1 - 0.9867 (January 2000), 0.9386 (1999); Italian lire (Lit) per US$1 - 1,668.7 (January 1998), 1,736.2 (1998), 1,703.1 (1997), 1,542.9 (1996), 1,628.9 (1995)

Fiscal year: calendar year

See also : San Marino