San Marino

San Marino’s economy relies heavily on its tourism and banking industries, as well as on the manufacture and export of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. The per capita level of output and standard of living are comparable to those of the most prosperous regions of Italy, which supplies much of its food. San Marino boasts the world’s longest life expectancy for men with 80 years. The economy benefits from foreign investment due to its relatively low corporate taxes and low taxes on interest earnings. San Marino has recently faced increased international pressure to improve cooperation with foreign tax authorities and transparency within its own banking sector, which generates about one-fifth of the country’s tax revenues. Italy’s implementation in October 2009 of a tax amnesty to repatriate untaxed funds held abroad has resulted in financial outflows from San Marino to Italy worth more than $4.5 billion. Such outflows, combined with a money-laundering scandal at San Marino’s largest financial institution and the recent global economic downturn, have contributed to a deep recession and growing budget deficit. However, San Marino has no national debt, and an unemployment rate half the size of Italy’s. The San Marino government has adopted measures to counter the downturn, including subsidized credit to businesses. San Marino also continues to work towards harmonizing its fiscal laws with EU members and international standards. In September 2009, the OECD removed San Marino from its list of tax havens that have yet to fully implement global tax standards.

$1.662 billion (2007)

$850 million (2004 est.)

$1.048 billion (2004)

4.3% (2007 est.)

$41,900 (2007)

22,660 (2008)

3.1% (2008)

NA%

-3.5% (2008)

-1.5% (2006)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$NA (31 December 2008)

$1.326 billion (31 December 2007)

$NA (31 December 2008)

$4.584 billion (31 December 2007)

$7.875 billion (31 December 2008)

$7.511 billion (31 December 2007)

$NA

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

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

3.1% (2007)

$4.628 billion (2007)

$1.291 billion (2004)

building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics

$3.744 billion (2007)

$2.035 billion (2004)

wide variety of consumer manufactures, food

$NA

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6734 (2008), 0.7345 (2007), 0.7964 (2006)