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Economy of Australia vs San Marino compared: GDP & Debt

Updated on by Georank team

Australia has a GDP of $1.76T compared to $2.03B for San Marino, ranking 14/197 and 180/197 by economy size, respectively.

Australia has $891B in government debt (50.7% of GDP), compared to $1.39B (63.9% of GDP) in San Marino.

Australia vs San Marino GDP by year

Australia
San Marino
1x
Year GDP, current $
Australia San Marino
2024 $1,757,022,451,653 -
2023 $1,734,451,264,656 $2,027,527,228
2022 $1,695,627,535,476 $1,829,211,864
2021 $1,560,617,493,203 $1,855,652,786
2020 $1,333,336,461,648 $1,541,248,249
2019 $1,398,349,602,956 $1,616,340,692
2018 $1,433,144,978,762 $1,655,353,653
2017 $1,330,890,554,614 $1,528,620,346
2016 $1,211,588,128,418 $1,468,343,140
2015 $1,356,805,839,936 $1,419,401,071
2014 $1,474,677,007,566 $1,673,911,426
2013 $1,583,737,461,925 $1,678,741,475
2012 $1,552,728,401,402 $1,604,701,299
2011 $1,402,939,868,653 $1,813,717,439
2010 $1,152,566,632,022 $1,881,191,925
2009 $931,761,689,771 $2,064,277,126
2008 $1,058,448,244,064 $2,403,213,305
2007 $856,603,595,823 $2,188,654,628
2006 $749,708,370,333 $1,909,765,165
2005 $696,811,489,613 $1,786,514,058
2004 $615,643,050,221 $1,715,340,543
2003 $468,517,181,130 $1,462,590,267
2002 $396,436,967,263 $1,148,872,072
2001 $380,360,222,861 $1,059,529,812
2000 $416,901,962,163 $1,007,661,367
1999 $390,347,787,943 $1,109,473,368
1998 $400,361,527,505 $1,048,316,226
1997 $436,321,902,767 $976,606,911
1996 $401,962,517,479 -
1995 $368,725,126,225 -
1994 $323,269,456,935 -
1993 $312,568,858,910 -
1992 $325,982,966,981 -
1991 $326,416,407,861 -
1990 $311,840,666,465 -
1989 $300,264,309,002 -
1988 $236,461,079,970 -
1987 $189,726,707,253 -
1986 $182,707,050,923 -
1985 $180,861,108,959 -
1984 $193,749,932,078 -
1983 $177,523,719,680 -
1982 $194,323,071,831 -
1981 $177,151,979,566 -
1980 $150,200,557,103 -
1979 $135,093,718,051 -
1978 $118,660,813,780 -
1977 $110,504,702,914 -
1976 $105,209,354,856 -
1975 $97,440,939,506 -
1974 $89,086,219,602 -
1973 $63,923,126,201 -
1972 $52,117,990,654 -
1971 $45,283,847,245 -
1970 $41,395,206,623 -
1969 $36,738,245,878 -
1968 $32,763,365,242 -
1967 $30,487,524,878 -
1966 $27,349,284,376 -
1965 $26,014,244,162 -
1964 $23,835,843,814 -
1963 $21,573,443,452 -
1962 $19,953,923,193 -
1961 $19,713,123,154 -
1960 $18,635,682,982 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/australia/san-marino | CC BY

GDP per capita in Australia vs San Marino by year

Australia
GDP per capita

GDP per capita, PPP
San Marino
GDP per capita

GDP per capita, PPP
1x
Year Current $
Australia San Marino
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $64,604 $72,111 - -
2023 $65,058 $72,273 $59,880 $78,745
2022 $65,170 $66,103 $54,191 $75,941
2021 $60,759 $58,327 $54,176 $64,745
2020 $51,983 $54,184 $44,327 $55,207
2019 $55,195 $52,886 $46,630 $57,444
2018 $57,410 $50,371 $47,951 $54,461
2017 $54,118 $48,565 $45,192 $52,463
2016 $50,084 $47,446 $44,359 $53,033
2015 $56,970 $46,465 $43,147 $52,247
2014 $62,817 $47,109 $51,260 $52,909
2013 $68,477 $46,123 $50,808 $50,770
2012 $68,301 $43,007 $47,946 $51,274
2011 $62,799 $42,153 $55,601 $56,240
2010 $52,314 $39,504 $56,543 $58,926
2009 $42,955 $40,434 $62,429 $61,970
2008 $49,811 $37,616 $75,902 $71,724
2007 $41,128 $36,708 $70,124 $71,744
2006 $36,659 $34,890 $63,271 $67,434
2005 $34,535 $33,090 $59,878 $63,739
2004 $30,886 $31,815 $58,232 $61,114
2003 $23,758 $30,167 $52,530 $60,224
2002 $20,335 $29,080 $41,791 $57,584
2001 $19,734 $27,688 $39,035 $57,252
2000 $21,909 $26,585 $37,601 $53,713
1999 $20,750 $25,531 $41,932 $52,064
1998 $21,516 $24,386 $40,127 $47,679
1997 $23,683 $23,142 $37,853 $44,426
1996 $22,056 $22,134 - -
1995 $20,479 $21,050 - -
1994 $18,156 $20,174 - -
1993 $17,725 $19,220 - -
1992 $18,650 $18,259 - -
1991 $18,885 $17,839 - -
1990 $18,274 $17,385 - -
1989 $17,858 - - -
1988 $14,303 - - -
1987 $11,666 - - -
1986 $11,406 - - -
1985 $11,455 - - -
1984 $12,436 - - -
1983 $11,532 - - -
1982 $12,798 - - -
1981 $11,871 - - -
1980 $10,223 - - -
1979 $9,308 - - -
1978 $8,264 - - -
1977 $7,786 - - -
1976 $7,497 - - -
1975 $7,014 - - -
1974 $6,492 - - -
1973 $4,778 - - -
1972 $3,955 - - -
1971 $3,500 - - -
1970 $3,310 - - -
1969 $2,996 - - -
1968 $2,728 - - -
1967 $2,584 - - -
1966 $2,347 - - -
1965 $2,284 - - -
1964 $2,134 - - -
1963 $1,970 - - -
1962 $1,858 - - -
1961 $1,880 - - -
1960 $1,813 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/australia/san-marino | CC BY

Australia's GDP per capita is $64,604, ranking 14/197, compared to $59,880 in San Marino, ranking 15/197. Adjusted for purchasing power (GDP per capita PPP), Australia ranks 22nd at $72,111, while San Marino ranks 17th at $78,745.

Economic indicators

Australia San Marino
Gross domestic product
$1.76T
2024
$2.03B
2023
GDP rank
14/197
2024
180/197
2023
GDP growth
1.37%
2023-2024
0.4%
2022-2023
GDP per capita
$64,604
2024
$59,880
2023
GDP per capita rank
14/197
2024
15/197
2023
GDP per capita, PPP
$72,111
2024
$78,745
2023
GDP per capita PPP rank
22/197
2024
17/197
2023
Government debt
$891B
2024
$1.39B
2023
Debt-to-GDP ratio
50.7%
2024
63.9%
2024
Government debt per person
$32,764
2024
$40,919
2023
Government debt per person rank
22/185
2024
13/185
2023
Average annual personal income after taxes
$49,463
2026
$45,474
2026
Market capitalization of domestic companies
$1.74T
2024
n/a
Number of millionaires
1,904,000
2025
n/a
Number of billionaires
47
2025
n/a
Income share by richest 10%
25.5%
2020
n/a
Income share by poorest 10%
2.7%
2020
n/a
Government expenditure, % of GDP
38.9%
2024
21%
2024
Consumer prices inflation
3.16%
2023-2024
1.2%
2023-2024
Central bank interest rate
3.6%
2025
n/a
Unemployment rate
3.94%
2024
4.91%
2022
Population
27799169
33967

Spending and national debt comparison by year

Australia
Spending

Debt
San Marino
Spending

Debt
1x
Year % of GDP
Australia San Marino
Government spending Government debt Government spending Government debt
2024 38.9% 50.7% 21% 63.9%
2023 37.6% 49.6% 21.7% 68.3%
2022 37.6% 50.2% 21.7% 70.6%
2021 41.8% 55.5% 37.1% 77.2%
2020 44.4% 57.1% 59.2% 69.8%
2019 38.9% 46.7% 22.4% 56.2%
2018 36.9% 41.8% 24.5% 56.7%
2017 36.8% 41.2% 25.6% 56.6%
2016 37.3% 40.6% 23.4% 21.4%
2015 37.3% 37.7% 26.3% 19.3%
2014 36.7% 34% 23.7% 21%
2013 36.4% 30.5% 30.2% 23.2%
2012 36.5% 27.5% 30.6% 17.2%
2011 36.3% 24% 25.4% 16.6%
2010 37% 20.3% 24.4% 20%
2009 37.8% 16.6% 24.8% 20.1%
2008 35.1% 11.7% 22% 15.5%
2007 34.3% 9.67% 20.7% 12.6%
2006 34.5% 9.94% 19.7% 14.2%
2005 34.6% 10.9% 19.3% 14.5%
2004 34.8% 11.9% 19% 16.9%
2003 34.9% 13.2% - 16.1%
2002 34.9% 15% - 17.2%
2001 35.6% 17.1% - 11.6%
2000 35.2% 19.5% - -
1999 36.2% 22.5% - -
1998 34.6% 23.7% - -
1997 32.8% 25.9% - -
1996 33.5% 29.3% - -
1995 33.7% 31.1% - -
1994 33.7% 31.7% - -
1993 34.1% 30.7% - -
1992 34.1% 27.6% - -
1991 33.1% 21.6% - -
1990 30.5% 16.4% - -
1989 34.5% 17% - -
1988 34.6% 20.5% - -
1987 36% 25.2% - -
1986 38.4% 25.5% - -
1985 38.7% 24% - -
1984 38.4% 22.3% - -
1983 37% 21% - -
1982 36.7% 16.8% - -
1981 33.4% 19.1% - -
1980 33.2% 21.2% - -
1979 32.5% 22.8% - -
1978 33.2% 24.7% - -
1977 34.1% 23.6% - -
1976 33.3% 22.9% - -
1975 33% 23.6% - -
1974 30.9% 22.3% - -
1973 26.6% 27.3% - -
1972 27% 30.7% - -
1971 26.1% 32.2% - -
1970 25.3% 34.9% - -
1969 24.7% 36.7% - -
1968 25.3% 39.4% - -
1967 26.4% 40.5% - -
1966 25.6% 42.4% - -
1965 25.8% 43.7% - -
1964 23.5% 44.9% - -
1963 23% 47.5% - -
1962 22.7% 50.2% - -
1961 23.3% 49.3% - -
1960 21.8% 48.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-02-20).

GeoRank.org/economy/australia/san-marino | CC BY

In 2024, Australia's government spending was $684B, accounting for 38.9% of its GDP, while San Marino spent $440M, or 21% of GDP.

Debt-to-GDP ratio is 50.7% in Australia and 63.9% in San Marino, ranking 104/185 and 71/185, respectively.

Government deficit by year

Deficit/surplus
Australia

San Marino
1x
Year Deficit/surplus, % of GDP
Australia San Marino
2024 -2.25% -0.53%
2023 -1.27% -0.72%
2022 -2.21% 0.42%
2021 -6.37% -16.4%
2020 -8.73% -37.6%
2019 -4.41% -0.11%
2018 -1.26% -1.56%
2017 -1.72% -3.49%
2016 -2.42% -0.19%
2015 -2.79% -3.32%
2014 -2.92% 1.06%
2013 -2.81% -7.74%
2012 -3.51% -7.08%
2011 -4.53% -4.05%
2010 -5.12% -2.24%
2009 -4.56% -2.46%
2008 -1.1% 0.18%
2007 1.47% 1.83%
2006 1.77% 1.51%
2005 1.71% 3.58%
2004 1.32% 2.44%
2003 1.05% -
2002 0.19% -
2001 -0.03% -
2000 1.25% -
1999 0.67% -
1998 -0.25% -
1997 -0.49% -
1996 -1.46% -
1995 -2.6% -
1994 -3.79% -
1993 -4.73% -
1992 -4.74% -
1991 -2.79% -
1990 -0.23% -
1989 -1.29% -
1988 -0.77% -
1987 -1.66% -
1986 -3.5% -
1985 -5.24% -
1984 -5.48% -
1983 -5.66% -
1982 -5.19% -
1981 -3.25% -
1980 -2.87% -
1979 -2.32% -
1978 -4.19% -
1977 -4.39% -
1976 -3.44% -
1975 -3.47% -
1974 -2.46% -
1973 0.16% -
1972 -0.97% -
1971 -0.23% -
1970 -0.23% -
1969 0.53% -
1968 -0.7% -
1967 -1.65% -
1966 -1.77% -
1965 -1.46% -
1964 0.19% -
1963 -0.26% -
1962 -0.38% -
1961 -0.78% -
1960 0.47% -
1959 0.06% -
1958 -0.25% -
1957 -0.33% -
1956 1% -
1955 0.08% -
1954 -0.27% -
1953 -0.86% -
1952 -0.44% -
1951 1.85% -
1950 4.29% -
1949 0.72% -
1948 2% -
1947 -0.45% -
1946 -4.09% -
1945 -8.87% -
1944 -11.8% -
1943 -12.4% -
1942 -5.17% -
1941 -2.14% -
1940 0.51% -
1939 0.77% -
1938 0.24% -
1937 0.28% -
1936 0.17% -
1935 0.24% -
1934 0.28% -
1933 0.28% -
1932 0.02% -
1931 -0.8% -
1930 -1% -
1929 -0.53% -
1928 -0.69% -
1927 -0.5% -
1926 -0.31% -
1925 -0.26% -
1924 -0.5% -
1923 -0.33% -
1922 -0.94% -
1921 -2% -
1920 -2.43% -
1919 -4.8% -
1918 -4.36% -
1917 -4.99% -
1916 -3.47% -
1915 -1.11% -
1914 -0.29% -
1913 0% -
1912 0.12% -
1911 0.39% -
1910 0.39% -
1909 0.37% -
1908 -0.15% -
1907 0.41% -
1906 0.23% -
1905 0.11% -
1904 -0.13% -
1903 -0.02% -
1902 0.16% -
1901 1.46% -

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1901–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/australia/san-marino | CC BY

In 2023, Australia's government deficit, the difference between spending and revenue, was $22B, equivalent to 1.27% of GDP. This compares to San Marino's deficit of $14.7M, or 0.72% of GDP.

Over the past 20 years, Australia recorded a fiscal deficit in 16 of those years, while San Marino ran a deficit in 13 years. On average, Australia posted an annual deficit equal to 2.47% of GDP, compared to deficit of 3.8% of GDP for San Marino.

Inflation comparison by year

Inflation
Australia

San Marino
1x
Year Consumer prices inflation
Australia San Marino
2024 3.16% 1.2%
2023 5.6% 5.9%
2022 6.59% 5.3%
2021 2.86% 1.6%
2020 0.85% -0.1%
2019 1.61% 0.5%
2018 1.91% 1.2%
2017 1.95% 1%
2016 1.28% 0.6%
2015 1.51% 0.1%
2014 2.49% 1.1%
2013 2.45% 1.6%
2012 1.76% 2.8%
2011 3.3% 2.2%
2010 2.92% 2.4%
2009 1.77% 2.4%
2008 4.35% 4.1%
2007 2.33% 2.5%
2006 3.56% 2.1%
2005 2.69% 1.7%
2004 2.34% 1.4%
2003 2.73% 1.3%
2002 2.98% -
2001 4.41% -
2000 4.46% -
1999 1.48% -
1998 0.86% -
1997 0.22% -

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2003–2024, retrieved 2026-02-20).

GeoRank.org/economy/australia/san-marino | CC BY

Over the past 22 years, Australia has recorded an average annual inflation rate of 2.73%, compared with 1.95% in San Marino. In 2024, inflation was 3.16% in Australia and 1.2% in San Marino.

Balance of trade

Australia San Marino
Current account balance
-$34.8B
2024
$446M
2023
Current account balance ranking
187/190
2024
64/190
2023
Current account balance, % of GDP
-1.98%
2024
+22%
2023
Goods imports
$297B
2024
$2.25B
2023
Goods exports
$341B
2024
$2.53B
2023
Service imports
$109B
2024
$894M
2023
Service exports
$84.1B
2024
$1.25B
2023
Imports of goods and services, % of GDP
22.5%
2024
155%
2023
Exports of goods and services, % of GDP
24.6%
2024
186%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Australia San Marino
Economic freedom 80.1 76
Economic freedom ranking 5/197 16/197
Property rights 88.2 n/a
Government integrity 88.1 n/a
Judicial effectiveness 96.3 n/a
Tax burden 61.8 n/a
Government spending 56.6 n/a
Fiscal health 89 n/a
Business freedom 92.3 n/a
Labor freedom 61.5 n/a
Monetary freedom 77.2 n/a
Trade freedom 89.8 n/a
Investment freedom 80 n/a
Financial freedom 80 n/a

Other economic metrics

Australia San Marino
Services, % of GDP
66.1%
2024
56.9%
2023
Industry, % of GDP
25.5%
2024
35.8%
2023
Agriculture, forestry, and fishing, % of GDP
2.04%
2024
0.02%
2023
GNI, Atlas method
$1.7T
2024
$1.82B
2023
GNI per capita, PPP
$69,600
2024
$71,860
2023
Total reserves including gold
$60.4B
2024
$759M
2024
Total reserves ranking
39/177
2024
146/177
2024
Net foreign direct investment
-$39.2B
2024
$52.7M
2023
Net inflows of foreign direct investment
$53.4B
2024
-$18.1M
2023
Net outflows of foreign direct investment
$13.9B
2024
$0
2024
Gross capital formation, % of GDP
24.3%
2024
16.6%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/australia/san-marino | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1901–1989, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.