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San Marino

Repubblica di San Marino

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated

revenues

$841.03 million (2023 est.)

expenditures

$816.886 million (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2020

$2.439 billion (2020 est.)

Exports 2021

$3.23 billion (2021 est.)

Exports 2022

$3.616 billion (2022 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2020

$2.232 billion (2020 est.)

Imports 2021

$2.94 billion (2021 est.)

Imports 2022

$3.169 billion (2022 est.)

Industries

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

Public debt

note

note: central government debt as a % of GDP

Public debt 2022

103.2% of GDP (2022 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2020

1.1% of GDP (2020 est.)

Remittances 2021

1.1% of GDP (2021 est.)

Remittances 2022

1.2% of GDP (2022 est.)

Exchange rates

note

note: while not an EU member state, San Marino, due to its preexisting monetary and banking agreements with Italy, has a 2000 monetary agreement with the EU to produce limited euro coinage—but not banknotes—that began enforcement in January 2002 and was superseded by a new EU agreement in 2012

Currency

euros (EUR) per US dollar -

Exchange rates 2020

0.877 (2020 est.)

Exchange rates 2021

0.845 (2021 est.)

Exchange rates 2022

0.951 (2022 est.)

Exchange rates 2023

0.925 (2023 est.)

Exchange rates 2024

0.924 (2024 est.)

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

Exports - partners

Germany 12%, Austria 10%, USA 9%, Romania 8%, Brazil 7% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

Germany 24%, Italy 13%, Netherlands 9%, Spain 9%, Poland 8% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2020

$56,000 (2020 est.)

Real GDP per capita 2021

$64,700 (2021 est.)

Real GDP per capita 2022

$70,900 (2022 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2020

-6.6% (2020 est.)

Real GDP growth rate 2021

13.9% (2021 est.)

Real GDP growth rate 2022

7.9% (2022 est.)

Agricultural products

wheat, grapes, corn, olives; cattle, pigs, horses, beef, cheese, hides

Exports - commodities

washing and bottling machines, other foods, packaged medicine, woodworking machines, aircraft (2023)

note: top five export commodities based on value in dollars

Imports - commodities

garments, cars, electricity, animal food, footwear (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2020

$42.98 million (2020 est.)

Current account balance 2021

$100.118 million (2021 est.)

Current account balance 2022

$284.256 million (2022 est.)

Taxes and other revenues

17.8% (of GDP) (2022 est.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$1.832 billion (2022 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

35.5% (2022 est.)

government consumption

17.1% (2022 est.)

investment in inventories

5.2% (2022 est.)

investment in fixed capital

17.8% (2022 est.)

exports of goods and services

197.4% (2022 est.)

imports of goods and services

-173% (2022 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

5.3% (2022 est.)

Inflation rate (consumer prices) 2023

5.9% (2023 est.)

Inflation rate (consumer prices) 2024

1.2% (2024 est.)

Industrial production growth rate

10.7% (2022 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2020

$1.947 billion (2020 est.)

Real GDP (purchasing power parity) 2021

$2.218 billion (2021 est.)

Real GDP (purchasing power parity) 2022

$2.393 billion (2022 est.)

Reserves of foreign exchange and gold

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note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2021

$954.383 million (2021 est.)

Reserves of foreign exchange and gold 2022

$716.066 million (2022 est.)

Reserves of foreign exchange and gold 2023

$836.088 million (2023 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

37.6% (2022 est.)

services

55.1% (2022 est.)

agriculture

0% (2022 est.)