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 collectible 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. Income taxes are much lower than in Italy, and as such there are extremely strict requirements to obtain citizenship.

GDP:purchasing power parity - $940 million (2001 est.)

GDP - real growth rate:7.5% (2001 est.)

GDP - per capita:purchasing power parity - $34,600 (2001 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):3.3% (2001)

Labor force:18,500 (2001)

Labor force - by occupation:services 57%, industry 42%, agriculture 1% (2000 est.)

Unemployment rate:2.6% (2001)

Budget:
"revenues:"$400 million
"expenditures:"$400 million, including capital expenditures of $NA million (2000 est.)

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

Industrial production growth rate:6% (1997 est.)

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:Euro (EUR)

Exchange rates:euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)

Fiscal year:calendar year