San Marino ranked 181/197 by economy size with a GDP of $1.83B and 20/197 by GDP per capita at $54,265. San Marino has $1.31B in government debt, with a debt-to-GDP ratio of 64.1%.
In 2025, San Marino made up 0.002% of the world's economy, compared to 0.003% in 1997.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1997 | $976,606,694 | $1,248,966,330 | - |
| 1998 | $1,048,316,128 | $1,342,209,396 | 7.34% |
| 1999 | $1,109,473,368 | $1,463,670,758 | 5.83% |
| 2000 | $1,007,661,367 | $1,495,569,702 | -9.18% |
| 2001 | $1,059,529,812 | $1,578,997,708 | 5.15% |
| 2002 | $1,148,872,072 | $1,583,905,238 | 8.43% |
| 2003 | $1,462,590,267 | $1,645,249,360 | 27.3% |
| 2004 | $1,715,340,543 | $1,720,089,190 | 17.3% |
| 2005 | $1,786,514,058 | $1,761,803,193 | 4.15% |
| 2006 | $1,909,765,165 | $1,829,281,727 | 6.9% |
| 2007 | $2,188,654,628 | $1,959,331,267 | 14.6% |
| 2008 | $2,403,213,305 | $1,949,516,207 | 9.8% |
| 2009 | $2,064,277,126 | $1,748,307,486 | -14.1% |
| 2010 | $1,881,191,925 | $1,652,610,655 | -8.87% |
| 2011 | $1,813,717,439 | $1,515,199,821 | -3.59% |
| 2012 | $1,604,701,299 | $1,408,461,048 | -11.5% |
| 2013 | $1,678,741,475 | $1,397,419,106 | 4.61% |
| 2014 | $1,673,911,426 | $1,387,604,047 | -0.29% |
| 2015 | $1,419,401,071 | $1,419,401,071 | -15.2% |
| 2016 | $1,468,343,140 | $1,452,677,592 | 3.45% |
| 2017 | $1,528,620,346 | $1,456,429,357 | 4.11% |
| 2018 | $1,655,353,653 | $1,478,187,033 | 8.29% |
| 2019 | $1,616,232,125 | $1,508,721,723 | -2.36% |
| 2020 | $1,544,714,493 | $1,408,423,248 | -4.42% |
| 2021 | $1,855,396,000 | $1,604,162,946 | 20.1% |
| 2022 | $1,831,700,577 | $1,730,866,818 | -1.28% |
Economic Statistics of San Marino
San Marino
|
Rank | |
|---|---|---|
| Gross domestic product |
$1.83B
2022 |
181/197 |
| GDP growth |
-1.28%
2021-2022 |
179/196 |
| GDP per capita |
$54,265
2022 |
20/197 |
| GDP per capita, PPP |
$75,941
2022 |
17/197 |
| Government debt |
$1.31B
2022 |
167/185 |
| Debt-to-GDP ratio |
64.1%
2025 |
69/185 |
| Government debt per person |
$38,712
2022 |
15/185 |
| Average annual personal income after taxes |
$44,308
2025 |
14/197 |
| Government expenditure, % of GDP |
22.1%
2025 |
142/195 |
| Consumer prices inflation |
2%
2024-2025 |
142/195 |
| Unemployment rate |
4.91%
2022 |
108/196 |
| Population |
33996
|
193/197 |
San Marino's GDP per capita
San Marino has a GDP per capita of $54,265, ranking 20/197, a GDP per capita based on purchasing power parity (PPP) of $75,941, ranking 17/197, and a median annual after tax income of $44,308, ranking 14/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1997 | $37,853 | $44,426 |
| 1998 | $40,127 | $47,679 |
| 1999 | $41,932 | $52,064 |
| 2000 | $37,601 | $53,713 |
| 2001 | $39,035 | $57,252 |
| 2002 | $41,791 | $57,584 |
| 2003 | $52,530 | $60,224 |
| 2004 | $58,232 | $61,114 |
| 2005 | $59,878 | $63,739 |
| 2006 | $63,271 | $67,434 |
| 2007 | $70,124 | $71,744 |
| 2008 | $75,902 | $71,724 |
| 2009 | $62,429 | $61,970 |
| 2010 | $56,543 | $58,926 |
| 2011 | $55,601 | $56,240 |
| 2012 | $47,946 | $51,274 |
| 2013 | $50,808 | $50,770 |
| 2014 | $51,260 | $52,909 |
| 2015 | $43,147 | $52,247 |
| 2016 | $44,359 | $53,033 |
| 2017 | $45,192 | $52,463 |
| 2018 | $47,951 | $54,461 |
| 2019 | $46,627 | $57,444 |
| 2020 | $44,427 | $55,207 |
| 2021 | $54,169 | $64,745 |
| 2022 | $54,265 | $75,941 |
San Marino's government spending, deficit, and chart
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 15 years — average annual deficit equal to -3.61% of GDP. In 2022, government spending reached $397M (22.1% of GDP), with a deficit of -1.71%.
The national debt reached $1.31B, ranking 167th out of 185 countries by total size, with a debt-to-GDP ratio of 64.1%, ranking 69th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2001 | - | 11.6% | - |
| 2002 | - | 17.2% | - |
| 2003 | - | 16.1% | - |
| 2004 | 19% | 16.9% | 2.44% |
| 2005 | 19.3% | 14.5% | 3.58% |
| 2006 | 19.7% | 14.2% | 1.51% |
| 2007 | 20.7% | 12.6% | 1.83% |
| 2008 | 22% | 15.5% | 0.18% |
| 2009 | 24.8% | 20.1% | -2.46% |
| 2010 | 24.4% | 20% | -2.24% |
| 2011 | 25.4% | 16.6% | -4.05% |
| 2012 | 30.6% | 17.2% | -7.08% |
| 2013 | 30.2% | 23.2% | -7.74% |
| 2014 | 23.7% | 21% | 1.06% |
| 2015 | 26.3% | 19.3% | -3.32% |
| 2016 | 23.4% | 21.4% | -0.19% |
| 2017 | 25.6% | 56.6% | -3.49% |
| 2018 | 24.5% | 56.7% | -1.56% |
| 2019 | 22.4% | 56.2% | -0.11% |
| 2020 | 59.2% | 69.8% | -37.6% |
| 2021 | 37.1% | 77.2% | -16.4% |
| 2022 | 21.7% | 71.3% | 0.42% |
| 2023 | 21.9% | 69.9% | -0.73% |
| 2024 | 22.4% | 65.2% | -1.85% |
| 2025 | 22.1% | 64.1% | -1.71% |
Inflation rate by year
Over the past 20 years, San Marino has had an average annual inflation rate of 2.03%. In 2025, inflation was 2%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 2003 | 1.3% |
| 2004 | 1.4% |
| 2005 | 1.7% |
| 2006 | 2.1% |
| 2007 | 2.5% |
| 2008 | 4.1% |
| 2009 | 2.4% |
| 2010 | 2.4% |
| 2011 | 2.2% |
| 2012 | 2.8% |
| 2013 | 1.6% |
| 2014 | 1.1% |
| 2015 | 0.1% |
| 2016 | 0.6% |
| 2017 | 1% |
| 2018 | 1.2% |
| 2019 | 0.5% |
| 2020 | -0.1% |
| 2021 | 1.6% |
| 2022 | 5.3% |
| 2023 | 5.9% |
| 2024 | 1.2% |
| 2025 | 2% |
Balance of trade
|
San Marino
|
Rank | |
|---|---|---|
Current account balance
|
$284M
2022 |
61/189 |
| Current account balance, % of GDP |
+15.5%
2022 |
7/189 |
| Goods imports |
$2.32B
2022 |
148/188 |
| Goods exports |
$2.73B
2022 |
133/188 |
| Service imports |
$849M
2022 |
151/188 |
| Service exports |
$891M
2022 |
135/188 |
| Imports of goods and services, % of GDP |
173%
2022 |
2/180 |
| Exports of goods and services, % of GDP |
197.4%
2022 |
2/193 |
Economic freedom indices
|
San Marino
|
Rank | |
|---|---|---|
| Economic freedom | 76 | 16/197 |
More economic indicators
|
San Marino
|
Rank | |
|---|---|---|
| Services, % of GDP |
55.1%
2022 |
108/191 |
| Industry, % of GDP |
37.6%
2022 |
27/194 |
| Agriculture, forestry, and fishing, % of GDP |
0.01%
2022 |
193/193 |
|
GNI, Atlas method
|
$1.82B
2022 |
179/194 |
| GNI per capita, PPP |
$69,360
2022 |
19/191 |
| Total reserves including gold |
$759M
2024 |
147/177 |
|
Net foreign direct investment
|
-$20.3M
2022 |
49/188 |
|
Net inflows of foreign direct investment
|
$85.9M
2022 |
147/193 |
|
Net outflows of foreign direct investment
|
$65.6M
2022 |
93/187 |
|
Gross capital formation, % of GDP
|
23%
2022 |
90/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
San Marino topic pages:
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.