San Marino ranked 180/197 by economy size with a GDP of $2.03B and 20/197 by GDP per capita at $59,871. San Marino has $1.39B in government debt, with a debt-to-GDP ratio of 60.6%.
In 2023, San Marino made up 0.002% of the world's economy, compared to 0.003% in 1997.
San Marino GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2023 | $2,027,243,194 | 0.4% |
| 2022 | $1,831,701,023 | 7.9% |
| 2021 | $1,855,395,712 | 13.9% |
| 2020 | $1,544,713,785 | -6.65% |
| 2019 | $1,616,231,696 | 2.07% |
| 2018 | $1,655,354,329 | 1.49% |
| 2017 | $1,528,621,193 | 0.26% |
| 2016 | $1,468,342,400 | 2.34% |
| 2015 | $1,419,400,396 | 2.29% |
| 2014 | $1,673,910,988 | -0.7% |
| 2013 | $1,678,741,202 | -0.78% |
| 2012 | $1,604,701,051 | -7.04% |
| 2011 | $1,813,717,695 | -8.31% |
| 2010 | $1,881,191,950 | -5.47% |
| 2009 | $2,064,277,984 | -10.3% |
| 2008 | $2,403,214,436 | -0.5% |
| 2007 | $2,188,653,429 | 7.11% |
| 2006 | $1,909,765,811 | 3.83% |
| 2005 | $1,786,513,631 | 2.43% |
| 2004 | $1,715,341,295 | 4.55% |
| 2003 | $1,462,590,387 | 3.87% |
| 2002 | $1,148,872,076 | 0.31% |
| 2001 | $1,059,529,731 | 5.58% |
| 2000 | $1,007,661,291 | 2.18% |
| 1999 | $1,109,473,282 | 9.05% |
| 1998 | $1,048,316,226 | 7.47% |
| 1997 | $976,606,911 | - |
Data sources: World Bank | Economy & Growth (1997–2023, retrieved 2026-07-08).
GeoRank.org/economy/san-marino | CC BY 
San Marino GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2023 | $59,871 | $78,745 |
| 2022 | $54,265 | $75,941 |
| 2021 | $54,169 | $64,745 |
| 2020 | $44,427 | $55,207 |
| 2019 | $46,627 | $57,444 |
| 2018 | $47,951 | $54,461 |
| 2017 | $45,192 | $52,463 |
| 2016 | $44,359 | $53,033 |
| 2015 | $43,147 | $52,247 |
| 2014 | $51,260 | $52,909 |
| 2013 | $50,808 | $50,770 |
| 2012 | $47,946 | $51,274 |
| 2011 | $55,601 | $56,240 |
| 2010 | $56,543 | $58,926 |
| 2009 | $62,429 | $61,970 |
| 2008 | $75,902 | $71,724 |
| 2007 | $70,124 | $71,744 |
| 2006 | $63,271 | $67,434 |
| 2005 | $59,878 | $63,739 |
| 2004 | $58,232 | $61,114 |
| 2003 | $52,530 | $60,224 |
| 2002 | $41,791 | $57,584 |
| 2001 | $39,035 | $57,252 |
| 2000 | $37,601 | $53,713 |
| 1999 | $41,932 | $52,064 |
| 1998 | $40,127 | $47,679 |
| 1997 | $37,853 | $44,426 |
Data sources: World Bank | Economy & Growth (1997–2023, retrieved 2026-07-08).
GeoRank.org/economy/san-marino | CC BY
San Marino has a GDP per capita of $59,871, ranking 20/197, a GDP per capita based on purchasing power parity (PPP) of $78,745, ranking 17/197, and a median annual after tax income of $46,440, ranking 15/197.
San Marino GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2023 | 177 | 15 | 12 |
| 2022 | 177 | 18 | 12 |
| 2021 | 175 | 16 | 13 |
| 2020 | 175 | 21 | 18 |
| 2019 | 178 | 20 | 18 |
| 2018 | 177 | 19 | 18 |
| 2017 | 177 | 19 | 18 |
| 2016 | 178 | 17 | 14 |
| 2015 | 178 | 20 | 13 |
| 2014 | 175 | 18 | 14 |
| 2013 | 174 | 17 | 14 |
| 2012 | 173 | 20 | 14 |
| 2011 | 174 | 11 | 12 |
| 2010 | 170 | 9 | 9 |
| 2009 | 167 | 7 | 10 |
| 2008 | 164 | 7 | 8 |
| 2007 | 163 | 7 | 8 |
| 2006 | 163 | 6 | 7 |
| 2005 | 161 | 5 | 6 |
| 2004 | 160 | 4 | 6 |
| 2003 | 160 | 4 | 5 |
| 2002 | 161 | 6 | 6 |
| 2001 | 161 | 5 | 5 |
| 2000 | 158 | 7 | 6 |
| 1999 | 153 | 5 | 5 |
| 1998 | 156 | 5 | 6 |
| 1997 | 155 | 5 | 6 |
Data sources: World Bank | Economy & Growth (1997–2023, retrieved 2026-07-08).
GeoRank.org/economy/san-marino | CC BY
Compared with 2000, in 2023 San Marino is ranked 177th out of 192 by GDP (down from 158th), 15th by GDP per capita (down from 7th), and 12th by GDP per capita PPP (down from 6th).
Economic indicators
San Marino
|
Rank | |
|---|---|---|
| Gross domestic product |
$2.03B
2023 |
180/197 |
| GDP growth |
0.4%
2022-2023 |
177/194 |
| GDP per capita |
$59,871
2023 |
20/197 |
| GDP per capita, PPP |
$78,745
2023 |
17/197 |
| Government debt |
$1.39B
2023 |
168/185 |
| Debt-to-GDP ratio |
60.6%
2025 |
75/185 |
| Government debt per person |
$40,914
2023 |
17/185 |
| Average annual personal income after taxes |
$46,440
2026 |
15/197 |
| Government expenditure, % of GDP |
22%
2025 |
139/195 |
| Consumer prices inflation |
2.3%
2024-2025 |
122/195 |
| Unemployment rate |
4.92%
2022 |
106/196 |
| Population |
34159
|
193/197 |
Government spending, deficit, and debt by year
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2025 | 22% | 60.6% | -1% |
| 2024 | 20.9% | 62.9% | 0.39% |
| 2023 | 21.7% | 68.3% | -0.72% |
| 2022 | 21.7% | 70.6% | 0.42% |
| 2021 | 37.1% | 77.2% | -16.4% |
| 2020 | 59.2% | 69.8% | -37.6% |
| 2019 | 22.4% | 56.2% | -0.11% |
| 2018 | 24.5% | 56.7% | -1.56% |
| 2017 | 25.6% | 56.6% | -3.49% |
| 2016 | 23.4% | 21.4% | -0.19% |
| 2015 | 26.3% | 19.3% | -3.32% |
| 2014 | 23.7% | 21% | 1.06% |
| 2013 | 30.2% | 23.2% | -7.74% |
| 2012 | 30.6% | 17.2% | -7.08% |
| 2011 | 25.4% | 16.6% | -4.05% |
| 2010 | 24.4% | 20% | -2.24% |
| 2009 | 24.8% | 20.1% | -2.46% |
| 2008 | 22% | 15.5% | 0.18% |
| 2007 | 20.7% | 12.6% | 1.83% |
| 2006 | 19.7% | 14.2% | 1.51% |
| 2005 | 19.3% | 14.5% | 3.58% |
| 2004 | 19% | 16.9% | 2.44% |
| 2003 | - | 16.1% | - |
| 2002 | - | 17.2% | - |
| 2001 | - | 11.6% | - |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2001–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino | CC BY
This chart shows San Marino's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 22 years, San Marino recorded a fiscal deficit in 14 of them, with an average annual deficit equal to 3.48% of GDP. In 2023, government spending reached $439M (22% of GDP), with a deficit of 1%.
The national debt reached $1.39B, ranking 168th out of 185 countries by total size, with a debt-to-GDP ratio of 60.6%, ranking 75th.
Inflation rate by year
| Year | Inflation |
|---|---|
| 2025 | 2.3% |
| 2024 | 1.2% |
| 2023 | 5.9% |
| 2022 | 5.3% |
| 2021 | 1.6% |
| 2020 | -0.1% |
| 2019 | 0.5% |
| 2018 | 1.2% |
| 2017 | 1% |
| 2016 | 0.6% |
| 2015 | 0.1% |
| 2014 | 1.1% |
| 2013 | 1.6% |
| 2012 | 2.8% |
| 2011 | 2.2% |
| 2010 | 2.4% |
| 2009 | 2.4% |
| 2008 | 4.1% |
| 2007 | 2.5% |
| 2006 | 2.1% |
| 2005 | 1.7% |
| 2004 | 1.4% |
| 2003 | 1.3% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (2003–2025, retrieved 2026-07-08).
GeoRank.org/economy/san-marino | CC BY
Over the past 20 years, San Marino has had an average annual inflation rate of 2.04%. In 2025, inflation was 2.3%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
San Marino
|
Rank | |
|---|---|---|
|
Current account balance
|
$446M
2023 |
60/190 |
| Current account balance, % of GDP |
+22%
2023 |
2/190 |
| Goods imports |
$2.25B
2023 |
150/189 |
| Goods exports |
$2.53B
2023 |
137/189 |
| Service imports |
$894M
2023 |
153/189 |
| Service exports |
$1.25B
2023 |
128/189 |
| Imports of goods and services, % of GDP |
155%
2023 |
2/182 |
| Exports of goods and services, % of GDP |
186%
2023 |
2/193 |
Economic freedom indices
|
San Marino
|
Rank | |
|---|---|---|
| Economic freedom | 76 | 16/197 |
Other economic metrics
|
San Marino
|
Rank | |
|---|---|---|
| Services, % of GDP |
56.9%
2023 |
101/191 |
| Industry, % of GDP |
35.8%
2023 |
28/194 |
| Agriculture, forestry, and fishing, % of GDP |
0.02%
2023 |
193/193 |
|
GNI, Atlas method
|
$1.83B
2023 |
179/194 |
| GNI per capita, PPP |
$71,920
2023 |
21/191 |
| Total reserves including gold |
$861M
2025 |
144/177 |
|
Net foreign direct investment
|
$52.7M
2023 |
34/189 |
|
Net inflows of foreign direct investment
|
-$18.1M
2023 |
176/193 |
|
Net outflows of foreign direct investment
|
$0
2024 |
156/193 |
|
Gross capital formation, % of GDP
|
16.6%
2023 |
149/179 |
Compare San Marino vs other countries
GDP per capita map
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/san-marino | CC BY
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Data sources:
- World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (2001–2025, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- 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.