Romania has a GDP of $383B compared to $2.03B for San Marino, ranking 42/197 and 180/197 by economy size, respectively.
Romania has $219B in government debt (65.7% of GDP), compared to $1.42B (62.8% of GDP) in San Marino.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Romania
|
San Marino
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1987 | $38,067,567,568 | - | - | - |
| 1988 | $40,424,528,302 | - | - | - |
| 1989 | $41,450,777,202 | - | - | - |
| 1990 | $38,247,882,300 | $116,460,149,705 | - | - |
| 1991 | $28,850,634,900 | $101,415,582,149 | - | - |
| 1992 | $25,121,666,667 | $92,524,246,376 | - | - |
| 1993 | $26,361,160,450 | $93,938,788,973 | - | - |
| 1994 | $30,072,805,104 | $97,632,408,356 | - | - |
| 1995 | $37,430,162,103 | $103,718,335,743 | - | - |
| 1996 | $36,937,074,278 | $107,771,339,314 | - | - |
| 1997 | $35,575,214,078 | $102,545,439,457 | $976,606,911 | $1,248,966,330 |
| 1998 | $41,696,091,974 | $100,463,958,893 | $1,048,316,226 | $1,342,209,396 |
| 1999 | $35,953,156,754 | $100,085,550,636 | $1,109,473,368 | $1,463,670,758 |
| 2000 | $37,253,739,511 | $102,548,919,722 | $1,007,661,367 | $1,495,569,702 |
| 2001 | $40,395,116,581 | $107,900,062,083 | $1,059,529,812 | $1,578,997,708 |
| 2002 | $46,065,502,703 | $114,053,593,614 | $1,148,872,072 | $1,583,905,238 |
| 2003 | $57,806,384,143 | $116,723,756,275 | $1,462,590,267 | $1,645,249,360 |
| 2004 | $74,973,656,852 | $128,895,841,499 | $1,715,340,543 | $1,720,089,190 |
| 2005 | $98,454,380,120 | $134,912,890,211 | $1,786,514,058 | $1,761,803,193 |
| 2006 | $122,023,735,993 | $145,744,791,283 | $1,909,765,165 | $1,829,281,727 |
| 2007 | $174,588,782,939 | $156,287,689,281 | $2,188,654,628 | $1,959,331,267 |
| 2008 | $214,315,932,061 | $170,834,114,653 | $2,403,213,305 | $1,949,516,207 |
| 2009 | $174,110,532,659 | $161,409,698,529 | $2,064,277,126 | $1,748,307,486 |
| 2010 | $170,064,350,672 | $155,105,339,844 | $1,881,191,925 | $1,652,610,655 |
| 2011 | $192,623,977,894 | $162,078,238,595 | $1,813,717,439 | $1,515,199,821 |
| 2012 | $179,117,323,107 | $165,163,587,446 | $1,604,701,299 | $1,408,461,048 |
| 2013 | $189,798,603,751 | $165,624,017,080 | $1,678,741,475 | $1,397,419,106 |
| 2014 | $199,722,319,676 | $172,441,103,432 | $1,673,911,426 | $1,387,604,047 |
| 2015 | $177,885,131,240 | $177,885,131,240 | $1,419,401,071 | $1,419,401,071 |
| 2016 | $185,290,759,249 | $182,972,525,962 | $1,468,343,140 | $1,452,677,592 |
| 2017 | $210,147,385,855 | $197,967,999,561 | $1,528,620,346 | $1,456,429,357 |
| 2018 | $241,791,427,224 | $208,647,427,408 | $1,655,353,653 | $1,478,187,033 |
| 2019 | $250,080,428,512 | $216,910,469,745 | $1,616,340,692 | $1,508,721,723 |
| 2020 | $250,625,048,304 | $209,105,975,818 | $1,541,248,249 | $1,408,423,248 |
| 2021 | $285,071,280,114 | $220,789,460,074 | $1,855,652,786 | $1,604,162,946 |
| 2022 | $295,319,437,557 | $230,035,489,109 | $1,829,211,864 | $1,730,866,818 |
| 2023 | $347,757,995,759 | $235,229,078,940 | $2,027,527,228 | $1,737,823,775 |
| 2024 | $382,564,217,989 | $237,383,786,158 | - | - |
Economic indicators
|
Romania
|
San Marino
|
|
|---|---|---|
| Gross domestic product |
$383B
2024 |
$2.03B
2023 |
| GDP rank |
42/197
2024 |
180/197
2023 |
| GDP growth |
10%
2023-2024 |
10.8%
2022-2023 |
| GDP per capita |
$20,080
2024 |
$59,880
2023 |
| GDP per capita rank |
58/197
2024 |
15/197
2023 |
| GDP per capita, PPP |
$48,731
2024 |
$78,745
2023 |
| Government debt |
$219B
2024 |
$1.42B
2023 |
| Debt-to-GDP ratio |
65.7%
2026 |
62.8%
2026 |
| Government debt per person |
$11,495
2024 |
$41,845
2023 |
| Government debt per person rank |
48/185
2024 |
13/185
2023 |
| Average annual personal income after taxes |
$13,200
2026 |
$44,308
2026 |
| Market capitalization of domestic companies |
$47.4B
2024 |
n/a |
| Number of billionaires |
6
2025 |
n/a |
| Income share by richest 10% |
21.8%
2023 |
n/a |
| Income share by poorest 10% |
2.4%
2023 |
n/a |
| Government expenditure, % of GDP |
40%
2026 |
21.5%
2026 |
| Consumer prices inflation |
6.7%
2025-2026 |
2%
2025-2026 |
| Central bank interest rate |
6.5%
2024 |
n/a |
| Unemployment rate |
5.43%
2024 |
4.91%
2022 |
| Population |
18836893
|
34003
|
GDP per capita in Romania vs San Marino
Romania's GDP per capita is $20,080, ranking 58/197, compared to $59,880 in San Marino, ranking 15/197. Adjusted for purchasing power (GDP per capita PPP), Romania ranks 47th at $48,731, while San Marino ranks 17th at $78,745.
| Year | Current $ | |||
|---|---|---|---|---|
|
Romania
|
San Marino
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1987 | $1,659 | - | - | - |
| 1988 | $1,753 | - | - | - |
| 1989 | $1,790 | - | - | - |
| 1990 | $1,648 | $5,277 | - | - |
| 1991 | $1,254 | $4,792 | - | - |
| 1992 | $1,102 | $4,512 | - | - |
| 1993 | $1,158 | $4,696 | - | - |
| 1994 | $1,323 | $4,992 | - | - |
| 1995 | $1,650 | $5,425 | - | - |
| 1996 | $1,633 | $5,744 | - | - |
| 1997 | $1,577 | $5,563 | $37,853 | $44,426 |
| 1998 | $1,853 | $5,544 | $40,127 | $47,679 |
| 1999 | $1,600 | $5,596 | $41,932 | $52,064 |
| 2000 | $1,660 | $5,849 | $37,601 | $53,713 |
| 2001 | $1,825 | $6,521 | $39,035 | $57,252 |
| 2002 | $2,120 | $7,162 | $41,791 | $57,584 |
| 2003 | $2,679 | $7,560 | $52,530 | $60,224 |
| 2004 | $3,495 | $8,991 | $58,232 | $61,114 |
| 2005 | $4,618 | $9,602 | $59,878 | $63,739 |
| 2006 | $5,758 | $11,557 | $63,271 | $67,434 |
| 2007 | $8,360 | $13,703 | $70,124 | $71,744 |
| 2008 | $10,435 | $16,782 | $75,902 | $71,724 |
| 2009 | $8,548 | $16,632 | $62,429 | $61,970 |
| 2010 | $8,400 | $17,357 | $56,543 | $58,926 |
| 2011 | $9,561 | $18,804 | $55,601 | $56,240 |
| 2012 | $8,930 | $19,807 | $47,946 | $51,274 |
| 2013 | $9,498 | $19,678 | $50,808 | $50,770 |
| 2014 | $10,032 | $20,633 | $51,260 | $52,909 |
| 2015 | $8,977 | $21,630 | $43,147 | $52,247 |
| 2016 | $9,405 | $23,905 | $44,359 | $53,033 |
| 2017 | $10,728 | $26,943 | $45,192 | $52,463 |
| 2018 | $12,416 | $29,382 | $47,951 | $54,461 |
| 2019 | $12,910 | $33,425 | $46,630 | $57,444 |
| 2020 | $13,009 | $34,194 | $44,327 | $55,207 |
| 2021 | $14,908 | $37,534 | $54,176 | $64,745 |
| 2022 | $15,504 | $42,070 | $54,191 | $75,941 |
| 2023 | $18,244 | $45,379 | $59,880 | $78,745 |
| 2024 | $20,080 | $48,731 | - | - |
Spending and national debt comparison
In 2024, Romania's government spending was $152B, accounting for 40% of its GDP, while San Marino's spent $445M, or 21.5% of GDP.
Debt-to-GDP ratio is 65.7% in Romania and 62.8% in San Marino, ranking 66/185 and 76/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Romania
|
San Marino
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1962 | 43.4% | - | - | - |
| 1963 | 23.1% | - | - | - |
| 1964 | 25.1% | - | - | - |
| 1965 | 25.6% | - | - | - |
| 1966 | 27.3% | - | - | - |
| 1967 | 30.6% | - | - | - |
| 1968 | 31.8% | - | - | - |
| 1969 | 32.1% | - | - | - |
| 1970 | 28.1% | - | - | - |
| 1971 | 27.2% | - | - | - |
| 1972 | 29.9% | - | - | - |
| 1973 | 32.6% | - | - | - |
| 1974 | 37.6% | - | - | - |
| 1975 | 40.6% | - | - | - |
| 1976 | 37.5% | - | - | - |
| 1977 | 39.9% | - | - | - |
| 1978 | 42.1% | - | - | - |
| 1979 | 42% | - | - | - |
| 1980 | 33.6% | - | - | - |
| 1981 | 30.4% | - | - | - |
| 1982 | 28.5% | - | - | - |
| 1983 | 25.8% | - | - | - |
| 1984 | 28.6% | - | - | - |
| 1985 | 41.6% | - | - | - |
| 1986 | 42.5% | - | - | - |
| 1987 | 40.7% | - | - | - |
| 1988 | 36.6% | - | - | - |
| 1989 | 40.1% | - | - | - |
| 1990 | 38.4% | - | - | - |
| 1991 | 38.3% | - | - | - |
| 1992 | 41.5% | - | - | - |
| 1993 | 33.5% | - | - | - |
| 1994 | 33.1% | - | - | - |
| 1995 | 34.4% | 6.91% | - | - |
| 1996 | 33.5% | 11% | - | - |
| 1997 | 33.5% | 15% | - | - |
| 1998 | 34.7% | 16.5% | - | - |
| 1999 | 35.1% | 21.7% | - | - |
| 2000 | 35% | 29.6% | - | - |
| 2001 | 33.2% | 27.4% | - | 11.6% |
| 2002 | 32.1% | 27.4% | - | 17.2% |
| 2003 | 31.8% | 24.9% | - | 16.1% |
| 2004 | 33.7% | 21.3% | 19% | 16.9% |
| 2005 | 32.3% | 17.8% | 19.3% | 14.5% |
| 2006 | 33.9% | 12.7% | 19.7% | 14.2% |
| 2007 | 34.6% | 12.4% | 20.7% | 12.6% |
| 2008 | 35.3% | 13% | 22% | 15.5% |
| 2009 | 36.3% | 22.5% | 24.8% | 20.1% |
| 2010 | 37.4% | 30.2% | 24.4% | 20% |
| 2011 | 35% | 32.6% | 25.4% | 16.6% |
| 2012 | 33.5% | 36.2% | 30.6% | 17.2% |
| 2013 | 34.2% | 39.3% | 30.2% | 23.2% |
| 2014 | 33.8% | 40.5% | 23.7% | 21% |
| 2015 | 34.2% | 39.4% | 26.3% | 19.3% |
| 2016 | 31.8% | 39.5% | 23.4% | 21.4% |
| 2017 | 31% | 37.1% | 25.6% | 56.6% |
| 2018 | 31.7% | 36.2% | 24.5% | 56.7% |
| 2019 | 33.2% | 36.5% | 22.4% | 56.2% |
| 2020 | 38.1% | 49.3% | 59.2% | 69.8% |
| 2021 | 37% | 51.5% | 37.1% | 77.2% |
| 2022 | 37.4% | 51.7% | 21.7% | 71.3% |
| 2023 | 36.6% | 52.1% | 21.9% | 69.9% |
| 2024 | 39.8% | 57.2% | 22.4% | 65.2% |
| 2025 | 39.2% | 61.6% | 22.1% | 64.1% |
| 2026 | 40% | 65.7% | 21.5% | 62.8% |
Government deficit by year
In 2023, Romania's government deficit, the difference between spending and revenue, was -$19.5B, equivalent to -5.61% of GDP. This compares to San Marino's deficit of -$14.9M, or -0.73% of GDP.
Over the past 20 years, Romania recorded a fiscal deficit in 20 of those years, while San Marino ran a deficit in 13 years. On average, Romania posted an annual deficit equal to -3.93% of GDP, compared to deficit of -3.8% of GDP for San Marino.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Romania
|
San Marino
|
|
| 1962 | -4.86% | - |
| 1963 | -1.61% | - |
| 1964 | -3.11% | - |
| 1965 | -1.29% | - |
| 1966 | 0.91% | - |
| 1967 | 1.23% | - |
| 1968 | 1.65% | - |
| 1969 | 0.93% | - |
| 1970 | 0.52% | - |
| 1971 | 0.89% | - |
| 1972 | 1.21% | - |
| 1973 | 1.53% | - |
| 1974 | 0.51% | - |
| 1975 | 0.41% | - |
| 1976 | 0.66% | - |
| 1977 | 0.23% | - |
| 1978 | 0% | - |
| 1979 | 0% | - |
| 1980 | -1.95% | - |
| 1981 | 0.61% | - |
| 1982 | 0.36% | - |
| 1983 | 9.35% | - |
| 1984 | 15.2% | - |
| 1985 | 6.36% | - |
| 1986 | 5.72% | - |
| 1987 | 2.37% | - |
| 1988 | 8.4% | - |
| 1989 | -2.87% | - |
| 1990 | 1.03% | - |
| 1991 | 3.23% | - |
| 1992 | -4.55% | - |
| 1993 | -0.35% | - |
| 1994 | -2.2% | - |
| 1995 | -3.32% | - |
| 1996 | -4.74% | - |
| 1997 | -5.19% | - |
| 1998 | -5.33% | - |
| 1999 | -3.58% | - |
| 2000 | -3.99% | - |
| 2001 | -3.2% | - |
| 2002 | -2.59% | - |
| 2003 | -2.29% | - |
| 2004 | -3.39% | 2.44% |
| 2005 | -0.69% | 3.58% |
| 2006 | -1.36% | 1.51% |
| 2007 | -3.05% | 1.83% |
| 2008 | -4.6% | 0.18% |
| 2009 | -6.86% | -2.46% |
| 2010 | -6.22% | -2.24% |
| 2011 | -4.14% | -4.05% |
| 2012 | -2.39% | -7.08% |
| 2013 | -2.44% | -7.74% |
| 2014 | -1.76% | 1.06% |
| 2015 | -1.35% | -3.32% |
| 2016 | -2.5% | -0.19% |
| 2017 | -2.86% | -3.49% |
| 2018 | -2.74% | -1.56% |
| 2019 | -4.55% | -0.11% |
| 2020 | -9.54% | -37.6% |
| 2021 | -6.7% | -16.4% |
| 2022 | -5.83% | 0.42% |
| 2023 | -5.61% | -0.73% |
| 2024 | -8.65% | -1.85% |
| 2025 | -7.83% | -1.71% |
| 2026 | -7.64% | -1.12% |
Inflation comparison by year
Over the past 24 years, Romania has recorded an average annual inflation rate of 5.85%, compared with 1.95% in San Marino. In 2026, inflation was 6.7% in Romania and 2% in San Marino.
| Year | Inflation | |
|---|---|---|
|
Romania
|
San Marino
|
|
| 1997 | 154.8% | - |
| 1998 | 59.1% | - |
| 1999 | 45.8% | - |
| 2000 | 45.7% | - |
| 2001 | 34.5% | - |
| 2002 | 22.5% | - |
| 2003 | 15.4% | 1.3% |
| 2004 | 11.9% | 1.4% |
| 2005 | 9% | 1.7% |
| 2006 | 6.6% | 2.1% |
| 2007 | 4.8% | 2.5% |
| 2008 | 7.8% | 4.1% |
| 2009 | 5.6% | 2.4% |
| 2010 | 6.1% | 2.4% |
| 2011 | 5.8% | 2.2% |
| 2012 | 3.3% | 2.8% |
| 2013 | 4% | 1.6% |
| 2014 | 1.1% | 1.1% |
| 2015 | -0.6% | 0.1% |
| 2016 | -1.6% | 0.6% |
| 2017 | 1.3% | 1% |
| 2018 | 4.6% | 1.2% |
| 2019 | 3.8% | 0.5% |
| 2020 | 2.6% | -0.1% |
| 2021 | 5% | 1.6% |
| 2022 | 13.8% | 5.3% |
| 2023 | 10.4% | 5.9% |
| 2024 | 5.6% | 1.2% |
| 2025 | 7.3% | 2% |
| 2026 | 6.7% | 2% |
Balance of trade
|
Romania
|
San Marino
|
|
|---|---|---|
Current account balance
|
-$31.2B
2024 |
$446M
2023 |
| Current account balance ranking |
185/190
2024 |
64/190
2023 |
| Current account balance, % of GDP |
-8.16%
2024 |
+22%
2023 |
| Goods imports |
$129B
2024 |
$2.25B
2023 |
| Goods exports |
$93.3B
2024 |
$2.53B
2023 |
| Service imports |
$30.2B
2024 |
$894M
2023 |
| Service exports |
$42.9B
2024 |
$1.25B
2023 |
| Imports of goods and services, % of GDP |
41.6%
2024 |
155%
2023 |
| Exports of goods and services, % of GDP |
35.6%
2024 |
186%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Romania
|
San Marino
|
|
|---|---|---|
| Economic freedom | 66.5 | 76 |
| Economic freedom ranking | 57/197 | 16/197 |
| Property rights | 81.7 | n/a |
| Government integrity | 49.1 | n/a |
| Judicial effectiveness | 67 | n/a |
| Tax burden | 93.7 | n/a |
| Government spending | 59.1 | n/a |
| Fiscal health | 36.1 | n/a |
| Business freedom | 75.1 | n/a |
| Labor freedom | 67.8 | n/a |
| Monetary freedom | 69.2 | n/a |
| Trade freedom | 79.6 | n/a |
| Investment freedom | 70 | n/a |
| Financial freedom | 50 | n/a |
More economic indicators
|
Romania
|
San Marino
|
|
|---|---|---|
| Services, % of GDP |
62.6%
2024 |
56.9%
2023 |
| Industry, % of GDP |
25.3%
2024 |
35.8%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
2.81%
2024 |
0.02%
2023 |
|
GNI, Atlas method
|
$335B
2024 |
$1.82B
2023 |
| GNI per capita, PPP |
$47,590
2024 |
$71,860
2023 |
| Total reserves including gold |
$73.4B
2024 |
$759M
2024 |
| Total reserves ranking |
35/177
2024 |
146/177
2024 |
|
Net foreign direct investment
|
-$5.17B
2024 |
$52.7M
2023 |
|
Net inflows of foreign direct investment
|
$7.16B
2024 |
-$18.1M
2023 |
|
Net outflows of foreign direct investment
|
$1.99B
2024 |
$0
2024 |
| Poverty at national poverty lines |
19%
2023 |
n/a |
|
Gross capital formation, % of GDP
|
25%
2024 |
16.6%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
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.