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Economy and Banking Sector of San Marino

National Currency

Euro (EUR)

San Marino uses the Euro on the basis of a formal arrangement with the European Community.

GDP

Nominal GDP (2017)
1.4 bln EUR  (+0.02%)
Nominal GDP per Capita (2017)
40,634 EUR  (+0.01%)
Real GDP Growth (2018)
1.7 %  (2017: 0.4 %)

According to , nominal GDP of San Marino in 2017 was 1.4 bln EUR.

San Marino underperforms the European Union in terms of real GDP growth with the average annual differential coming to -0.8% over the past 10 years (2008 - 2018). In 2018 real GDP growth was 1.7% which was below the Euro Area average (1.9%) and below the European Union average (2.0%). Real GDP growth in 2019 - 2024 are IMF's estimates.

Real GDP Growth in San Marino.

Chart 1. Real GDP Growth in San Marino. Source: International Monetary Fund.

In 2017, nominal GDP per capita in San Marino was 40,634 EUR.

San Marino has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 53.2% over the past 10 years (2007 - 2017). GDP per capita at PPP in 2018 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  San Marino; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in San Marino; European Union = 100.

Inflation Rate

CPI, Year Average (2018)
1.8 %  (2017: 1.0 %)

According to , inflation rate in San Marino in 2018 expressed as annual percentages of average consumer prices was 1.8% which was below the Euro Area average (1.8%) and below the European Union average (1.9%). Inflation rates in 2019 - 2024 are IMF's estimates.

Inflation Rate in San Marino.

Chart 3. Inflation Rate in San Marino. Source: International Monetary Fund.

Unemployment Rate

Unemployment Rate (2018)
8.0 %  (2017: 8.1 %)

According to , unemployment rate in San Marino in 2018 was 8.0% which was below the Euro Area average (8.2%) and above the European Union average (6.8%). Unemployment rates in 2019 - 2024 are IMF's estimates.

Unemployment Rate in San Marino.

Chart 4. Unemployment Rate in San Marino. Source: International Monetary Fund.

Credit Ratings (as of Jul 2020)

Fitch
BB+ (speculative), outlook negative
Moody's
-
Scope
-

San Marino has a sovereign credit rating assigned by Fitch: the rating is BB+ (speculative), outlook negative. Scope Ratings, the European rating agency, have not assigned credit ratings to San Marino.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for July 2020.