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Economy of New Zealand vs San Marino compared: GDP & Debt

Updated on by Georank

New Zealand has a GDP of $264B compared to $2.03B for San Marino, ranking 53/197 and 180/197 by economy size, respectively.

New Zealand has $145B in government debt (54.7% of GDP), compared to $1.39B (60.6% of GDP) in San Marino.

New Zealand vs San Marino GDP by year

New Zealand
San Marino
1x
Year GDP, current $
New Zealand San Marino
2025 $264,057,413,740 -
2024 $261,497,198,364 -
2023 $256,372,177,758 $2,027,243,194
2022 $249,723,029,451 $1,831,701,023
2021 $253,732,493,988 $1,855,395,712
2020 $213,318,129,989 $1,544,713,785
2019 $213,088,034,258 $1,616,231,696
2018 $211,726,161,989 $1,655,354,329
2017 $206,561,943,051 $1,528,621,193
2016 $188,980,351,891 $1,468,342,400
2015 $178,147,457,243 $1,419,400,396
2014 $201,435,445,068 $1,673,910,988
2013 $190,943,478,290 $1,678,741,202
2012 $176,508,049,114 $1,604,701,051
2011 $168,458,838,711 $1,813,717,695
2010 $146,887,902,524 $1,881,191,950
2009 $121,663,439,315 $2,064,277,984
2008 $133,437,126,590 $2,403,214,436
2007 $137,188,946,866 $2,188,653,429
2006 $111,538,810,713 $1,909,765,811
2005 $114,720,129,550 $1,786,513,631
2004 $103,905,210,084 $1,715,341,295
2003 $88,250,885,550 $1,462,590,387
2002 $66,627,729,311 $1,148,872,076
2001 $53,872,425,917 $1,059,529,731
2000 $52,623,281,957 $1,007,661,291
1999 $58,762,260,626 $1,109,473,282
1998 $56,227,169,851 $1,048,316,226
1997 $66,075,143,415 $976,606,911
1996 $70,140,835,299 -
1995 $63,918,703,507 -
1994 $55,314,732,279 -
1993 $46,775,620,817 -
1992 $41,649,829,860 -
1991 $42,745,329,732 -
1990 $45,495,129,385 -
1989 $43,920,222,525 -
1988 $45,176,811,594 -
1987 $40,376,354,070 -
1986 $30,604,668,357 -
1985 $24,679,795,396 -
1984 $21,665,975,319 -
1983 $24,309,279,706 -
1982 $24,164,603,059 -
1981 $24,417,617,184 -
1980 $23,244,547,385 -
1979 $20,731,243,113 -
1978 $18,530,518,395 -
1977 $15,446,825,318 -
1976 $13,604,832,424 -
1975 $12,861,983,284 -
1974 $13,940,981,798 -
1973 $12,802,281,898 -
1972 $9,567,331,065 -
1971 $7,911,136,757 -
1970 $6,495,605,331 -
1969 $5,814,357,709 -
1968 $5,228,045,415 -
1967 $6,016,017,227 -
1966 $5,917,437,693 -
1965 $5,706,251,400 -
1964 $7,340,766,415 -
1963 $6,699,741,645 -
1962 $6,133,158,532 -
1961 $5,721,994,864 -
1960 $5,536,098,360 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

GDP per capita in New Zealand vs San Marino by year

New Zealand
GDP per capita

GDP per capita, PPP
San Marino
GDP per capita

GDP per capita, PPP
1x
Year Current $
New Zealand San Marino
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $49,591 - - -
2024 $49,432 $55,551 - -
2023 $49,302 $54,697 $59,871 $78,745
2022 $49,142 $54,034 $54,265 $75,941
2021 $49,902 $48,249 $54,169 $64,745
2020 $42,055 $45,513 $44,427 $55,207
2019 $42,872 $45,278 $46,627 $57,444
2018 $43,204 $42,527 $47,951 $54,461
2017 $42,912 $42,244 $45,192 $52,463
2016 $40,088 $39,989 $44,359 $53,033
2015 $38,649 $37,513 $43,147 $52,247
2014 $44,600 $37,331 $51,260 $52,909
2013 $42,985 $36,263 $50,808 $50,770
2012 $40,042 $33,055 $47,946 $51,274
2011 $38,426 $32,739 $55,601 $56,240
2010 $33,762 $31,305 $56,543 $58,926
2009 $28,277 $30,746 $62,429 $61,970
2008 $31,325 $29,896 $75,902 $71,724
2007 $32,480 $29,331 $70,124 $71,744
2006 $26,655 $27,732 $63,271 $67,434
2005 $27,751 $25,677 $59,878 $63,739
2004 $25,420 $25,124 $58,232 $61,114
2003 $21,914 $23,996 $52,530 $60,224
2002 $16,874 $23,306 $41,791 $57,584
2001 $13,883 $22,511 $39,035 $57,252
2000 $13,641 $21,500 $37,601 $53,713
1999 $15,322 $20,579 $41,932 $52,064
1998 $14,738 $19,323 $40,127 $47,679
1997 $17,474 $19,100 $37,853 $44,426
1996 $18,794 $18,392 - -
1995 $17,400 $17,864 - -
1994 $15,280 $17,108 - -
1993 $13,094 $15,900 - -
1992 $11,793 $14,877 - -
1991 $12,230 $14,501 - -
1990 $13,663 $14,812 - -
1989 $13,312 - - -
1988 $13,759 - - -
1987 $12,331 - - -
1986 $9,428 - - -
1985 $7,601 - - -
1984 $6,714 - - -
1983 $7,598 - - -
1982 $7,656 - - -
1981 $7,814 - - -
1980 $7,467 - - -
1979 $6,668 - - -
1978 $5,937 - - -
1977 $4,951 - - -
1976 $4,374 - - -
1975 $4,172 - - -
1974 $4,611 - - -
1973 $4,323 - - -
1972 $3,295 - - -
1971 $2,773 - - -
1970 $2,311 - - -
1969 $2,097 - - -
1968 $1,902 - - -
1967 $2,208 - - -
1966 $2,211 - - -
1965 $2,171 - - -
1964 $2,839 - - -
1963 $2,646 - - -
1962 $2,471 - - -
1961 $2,365 - - -
1960 $2,334 - - -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

New Zealand's GDP per capita is $49,591, ranking 26/197, compared to $59,871 in San Marino, ranking 20/197. Adjusted for purchasing power (GDP per capita PPP), New Zealand ranks 38th at $55,551, while San Marino ranks 17th at $78,745.

Economic indicators

New Zealand San Marino
Gross domestic product
$264B
2025
$2.03B
2023
GDP rank
53/197
2025
180/197
2023
GDP growth
0.46%
2024-2025
0.4%
2022-2023
GDP per capita
$49,591
2025
$59,871
2023
GDP per capita rank
26/197
2025
20/197
2023
GDP per capita, PPP
$55,551
2024
$78,745
2023
GDP per capita PPP rank
38/197
2024
17/197
2023
Government debt
$145B
2025
$1.39B
2023
Debt-to-GDP ratio
54.7%
2025
60.6%
2025
Government debt per person
$27,139
2025
$40,914
2023
Government debt per person rank
27/185
2025
17/185
2023
Average annual personal income after taxes
$36,222
2026
$46,440
2026
Market capitalization of domestic companies
$103B
2025
n/a
Number of billionaires
5
2026
n/a
Government expenditure, % of GDP
41.6%
2025
22%
2025
Consumer prices inflation
2.84%
2024-2025
2.3%
2024-2025
Central bank interest rate
2.25%
2025
n/a
Unemployment rate
5.26%
2025
4.92%
2022
Population
5380024
34159

Spending and national debt comparison by year

New Zealand
Spending

Debt
San Marino
Spending

Debt
1x
Year % of GDP
New Zealand San Marino
Government spending Government debt Government spending Government debt
2025 41.6% 54.7% 22% 60.6%
2024 41.7% 51.4% 20.9% 62.9%
2023 41% 47.3% 21.7% 68.3%
2022 41.7% 46.9% 21.7% 70.6%
2021 41.8% 47.5% 37.1% 77.2%
2020 41.9% 43.2% 59.2% 69.8%
2019 38.7% 31.8% 22.4% 56.2%
2018 36.1% 28.1% 24.5% 56.7%
2017 35.6% 31.1% 25.6% 56.6%
2016 36.4% 33.4% 23.4% 21.4%
2015 37.2% 34.2% 26.3% 19.3%
2014 37.6% 34.2% 23.7% 21%
2013 38.6% 34.6% 30.2% 23.2%
2012 39.7% 35.7% 30.6% 17.2%
2011 42.3% 34.7% 25.4% 16.6%
2010 42.9% 29.6% 24.4% 20%
2009 40.3% 24.3% 24.8% 20.1%
2008 38.4% 19% 22% 15.5%
2007 37% 16.3% 20.7% 12.6%
2006 37.8% 18.4% 19.7% 14.2%
2005 37.1% 20.8% 19.3% 14.5%
2004 36.1% 22.5% 19% 16.9%
2003 36.6% 24.7% - 16.1%
2002 36.7% 26.4% - 17.2%
2001 37.2% 28.2% - 11.6%
2000 38.2% 30% - -
1999 39.2% 32% - -
1998 40.1% 34.5% - -
1997 39.3% 34.6% - -
1996 39.8% 37.3% - -
1995 41.6% 43.5% - -
1994 42.7% 48.9% - -
1993 46.7% 54.6% - -
1992 52.4% 58.7% - -
1991 52.9% 58% - -
1990 49.5% 55.5% - -
1989 47.8% 54.9% - -
1988 46.1% 54.7% - -
1987 46.1% 62.9% - -
1986 46.9% 68.5% - -
1985 46.2% 64.1% - -
1984 40.7% 62.8% - -
1983 41.4% 59.6% - -
1982 39.9% 51.5% - -
1981 39.1% 50.5% - -
1980 38% 52.2% - -
1979 38.4% 52% - -
1978 36.6% 50% - -
1977 30% 44.6% - -
1976 31.6% 47.6% - -
1975 30.1% 41.4% - -
1974 27.3% 39.6% - -
1973 27.1% 44% - -
1972 26.4% 46% - -
1971 26.8% 71.3% - -
1970 24.8% 76.5% - -
1969 25.9% 85.8% - -
1968 26.2% 86.5% - -
1967 26% 59.7% - -
1966 25% 58.2% - -
1965 24.9% 59.6% - -
1964 19.4% 61.8% - -
1963 19.4% 64.5% - -
1962 21.6% 65% - -
1961 21.1% 64.6% - -
1960 25.3% 68.1% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

In 2025, New Zealand's government spending was $110B, accounting for 41.6% of its GDP, while San Marino spent $439M, or 22% of GDP.

Debt-to-GDP ratio is 54.7% in New Zealand and 60.6% in San Marino, ranking 91/185 and 75/185, respectively.

Government deficit by year

Deficit/surplus
New Zealand

San Marino
1x
Year Deficit/surplus, % of GDP
New Zealand San Marino
2025 -3.86% -1%
2024 -3.21% 0.39%
2023 -3.22% -0.72%
2022 -3.96% 0.42%
2021 -3.35% -16.4%
2020 -4.21% -37.6%
2019 -2.44% -0.11%
2018 1.31% -1.56%
2017 1.38% -3.49%
2016 0.98% -0.19%
2015 0.37% -3.32%
2014 -0.33% 1.06%
2013 -1.28% -7.74%
2012 -2.18% -7.08%
2011 -4.94% -4.05%
2010 -5.49% -2.24%
2009 -1.8% -2.46%
2008 1.48% 0.18%
2007 3.6% 1.83%
2006 4.62% 1.51%
2005 5.13% 3.58%
2004 4.49% 2.44%
2003 3.69% -
2002 2.56% -
2001 1.29% -
2000 0.18% -
1999 -1.1% -
1998 -0.47% -
1997 1.24% -
1996 2.58% -
1995 3.7% -
1994 2% -
1993 -1.51% -
1992 -6.25% -
1991 -6.12% -
1990 -2.72% -
1989 -2.16% -
1988 -1.88% -
1987 -3.43% -
1986 -5.33% -
1985 -6.97% -
1984 -8.68% -
1983 -6.64% -
1982 -6.26% -
1981 -6.02% -
1980 -4.9% -
1979 -6.55% -
1978 -3.41% -
1977 -1.09% -
1976 -2.07% -
1975 0.11% -
1974 0.03% -
1973 -0.07% -
1972 0.12% -
1971 0.09% -
1970 -0.05% -
1969 0.17% -
1968 0.03% -
1967 0.02% -
1966 0.09% -
1965 0.26% -
1964 -0.08% -
1963 -0.26% -
1962 0.02% -
1961 0.03% -
1960 0.05% -
1959 0.03% -
1958 -0.02% -
1957 0.32% -
1956 1.33% -
1955 0.73% -
1954 0.22% -
1953 0.43% -
1952 1.73% -
1951 1.17% -
1950 0.78% -
1949 0.53% -
1948 0.36% -
1947 1.07% -
1946 0.31% -
1945 0.32% -
1944 0.59% -
1943 1.24% -
1942 0.56% -
1941 0.64% -
1940 0.13% -
1939 0.34% -
1938 0.38% -
1937 0.23% -
1936 0.17% -
1935 1.19% -
1934 -0.55% -
1933 0.02% -
1932 -1.77% -
1931 -1.12% -
1930 0.09% -
1929 -0.37% -
1928 0.12% -
1927 0.4% -
1926 0.72% -
1925 0.78% -
1924 1.2% -
1923 0.95% -
1922 -0.2% -
1921 3.55% -
1920 1.51% -
1919 2.9% -
1918 4.35% -
1917 3.89% -
1916 1.46% -
1915 0.06% -
1914 0.45% -
1913 0.79% -
1912 0.89% -
1911 1.24% -
1910 0.36% -
1909 0.31% -
1908 1.26% -
1907 1.13% -
1906 0.97% -
1905 1.41% -
1904 1.42% -
1903 0.55% -
1902 0.63% -
1901 1.11% -
1900 1.59% -
1899 1.15% -
1898 1.38% -
1897 0.86% -
1896 0.65% -
1895 0.32% -
1894 0.76% -
1893 1.14% -
1892 0.09% -
1891 0.46% -
1890 0.05% -
1889 0.59% -
1888 -1.64% -
1887 -1.63% -
1886 -0.53% -
1885 -0.47% -
1884 -0.1% -
1883 0.38% -
1882 0.18% -
1881 -2.33% -
1880 -2.39% -
1879 -0.55% -
1878 -0.85% -
1877 -2.53% -
1876 -5.28% -

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1876–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

In 2023, New Zealand's government deficit, the difference between spending and revenue, was $8.27B, equivalent to 3.22% of GDP. This compares to San Marino's deficit of $14.7M, or 0.72% of GDP.

Over the past 20 years, New Zealand recorded a fiscal deficit in 11 of those years, while San Marino ran a deficit in 13 years. On average, New Zealand posted an annual deficit equal to 0.49% of GDP, compared to deficit of 3.8% of GDP for San Marino.

Inflation comparison by year

Inflation
New Zealand

San Marino
1x
Year Consumer prices inflation
New Zealand San Marino
2025 2.84% 2.3%
2024 2.92% 1.2%
2023 5.73% 5.9%
2022 7.17% 5.3%
2021 3.94% 1.6%
2020 1.71% -0.1%
2019 1.62% 0.5%
2018 1.6% 1.2%
2017 1.85% 1%
2016 0.65% 0.6%
2015 0.29% 0.1%
2014 1.23% 1.1%
2013 1.13% 1.6%
2012 1.06% 2.8%
2011 4.03% 2.2%
2010 2.3% 2.4%
2009 2.12% 2.4%
2008 3.96% 4.1%
2007 2.38% 2.5%
2006 3.37% 2.1%
2005 3.04% 1.7%
2004 2.29% 1.4%
2003 1.75% 1.3%
2002 2.68% -
2001 2.63% -
2000 2.62% -
1999 -0.11% -
1998 1.27% -
1997 1.19% -

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | World Economic Outlook (2003–2025, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

Over the past 23 years, New Zealand has recorded an average annual inflation rate of 2.56%, compared with 1.97% in San Marino. In 2025, inflation was 2.84% in New Zealand and 2.3% in San Marino.

Balance of trade

New Zealand San Marino
Current account balance
-$9.56B
2025
$446M
2023
Current account balance ranking
174/190
2025
60/190
2023
Current account balance, % of GDP
-3.62%
2025
+22%
2023
Goods imports
$48.2B
2025
$2.25B
2023
Goods exports
$47.2B
2025
$2.53B
2023
Service imports
$20.3B
2025
$894M
2023
Service exports
$19.5B
2025
$1.25B
2023
Imports of goods and services, % of GDP
26%
2024
155%
2023
Exports of goods and services, % of GDP
24.7%
2024
186%
2023

Economic freedom indices

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

New Zealand San Marino
Economic freedom 77.8 76
Economic freedom ranking 13/197 16/197
Property rights 85.4 n/a
Government integrity 90 n/a
Judicial effectiveness 95.9 n/a
Tax burden 66.1 n/a
Government spending 48 n/a
Fiscal health 72.2 n/a
Business freedom 89.1 n/a
Labor freedom 68.6 n/a
Monetary freedom 77.4 n/a
Trade freedom 90.6 n/a
Investment freedom 70 n/a
Financial freedom 80 n/a

Other economic metrics

New Zealand San Marino
Services, % of GDP
68.2%
2023
56.9%
2023
Industry, % of GDP
19.4%
2023
35.8%
2023
Agriculture, forestry, and fishing, % of GDP
4.01%
2023
0.02%
2023
GNI, Atlas method
$248B
2025
$1.83B
2023
GNI per capita, PPP
$53,600
2025
$71,920
2023
Total reserves including gold
$28.2B
2025
$861M
2025
Total reserves ranking
59/177
2025
144/177
2025
Net foreign direct investment
-$3.58B
2025
$52.7M
2023
Net inflows of foreign direct investment
$1.76B
2024
-$18.1M
2023
Net outflows of foreign direct investment
$882M
2024
$0
2024
Gross capital formation, % of GDP
23.1%
2024
16.6%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/new-zealand/san-marino | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1876–1989, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

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.