San Marino has a GDP of $1.83B compared to $1.16B for Vanuatu, ranking 181/197 and 185/197 by economy size, respectively.
San Marino has $1.31B in government debt (64.1% of GDP), compared to $518M (48.5% of GDP) in Vanuatu.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
San Marino
|
Vanuatu
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1979 | - | - | $119,258,835 | $335,975,592 |
| 1980 | - | - | $121,185,498 | $297,675,024 |
| 1981 | - | - | $113,781,796 | $310,707,108 |
| 1982 | - | - | $114,501,913 | $316,858,745 |
| 1983 | - | - | $117,389,554 | $326,395,019 |
| 1984 | - | - | $144,482,515 | $357,647,314 |
| 1985 | - | - | $131,856,421 | $361,229,593 |
| 1986 | - | - | $126,498,935 | $360,686,075 |
| 1987 | - | - | $139,464,174 | $350,248,055 |
| 1988 | - | - | $158,351,368 | $344,318,766 |
| 1989 | - | - | $154,013,202 | $349,593,363 |
| 1990 | - | - | $168,879,207 | $390,480,753 |
| 1991 | - | - | $201,334,169 | $402,771,675 |
| 1992 | - | - | $209,088,825 | $413,184,990 |
| 1993 | - | - | $200,491,853 | $416,223,750 |
| 1994 | - | - | $233,701,301 | $454,022,969 |
| 1995 | - | - | $249,333,250 | $458,581,110 |
| 1996 | - | - | $261,370,044 | $469,253,831 |
| 1997 | $976,606,694 | $1,248,966,330 | $272,771,209 | $492,279,237 |
| 1998 | $1,048,316,128 | $1,342,209,396 | $262,293,411 | $498,072,647 |
| 1999 | $1,109,473,368 | $1,463,670,758 | $268,006,973 | $499,752,612 |
| 2000 | $1,007,661,367 | $1,495,569,702 | $272,014,628 | $529,362,000 |
| 2001 | $1,059,529,812 | $1,578,997,708 | $257,926,882 | $511,376,490 |
| 2002 | $1,148,872,072 | $1,583,905,238 | $262,596,536 | $484,793,510 |
| 2003 | $1,462,590,267 | $1,645,249,360 | $314,471,413 | $505,583,080 |
| 2004 | $1,715,340,543 | $1,720,089,190 | $364,996,869 | $525,742,663 |
| 2005 | $1,786,514,058 | $1,761,803,193 | $394,962,433 | $553,635,028 |
| 2006 | $1,909,765,165 | $1,829,281,727 | $439,358,587 | $600,476,413 |
| 2007 | $2,188,654,628 | $1,959,331,267 | $516,392,923 | $617,745,468 |
| 2008 | $2,403,213,305 | $1,949,516,207 | $590,748,429 | $652,345,341 |
| 2009 | $2,064,277,126 | $1,748,307,486 | $592,622,319 | $672,159,049 |
| 2010 | $1,881,191,925 | $1,652,610,655 | $670,712,980 | $680,620,639 |
| 2011 | $1,813,717,439 | $1,515,199,821 | $770,153,588 | $701,990,785 |
| 2012 | $1,604,701,299 | $1,408,461,048 | $747,839,698 | $709,081,227 |
| 2013 | $1,678,741,475 | $1,397,419,106 | $758,304,466 | $712,367,041 |
| 2014 | $1,673,911,426 | $1,387,604,047 | $773,717,011 | $730,710,780 |
| 2015 | $1,419,401,071 | $1,419,401,071 | $759,690,181 | $759,690,181 |
| 2016 | $1,468,343,140 | $1,452,677,592 | $804,323,577 | $786,063,165 |
| 2017 | $1,528,620,346 | $1,456,429,357 | $880,043,284 | $820,749,507 |
| 2018 | $1,655,353,653 | $1,478,187,033 | $914,727,908 | $844,553,133 |
| 2019 | $1,616,232,125 | $1,508,721,723 | $936,526,268 | $871,926,685 |
| 2020 | $1,544,714,493 | $1,408,423,248 | $909,421,044 | $828,395,820 |
| 2021 | $1,855,396,000 | $1,604,162,946 | $982,362,212 | $815,536,674 |
| 2022 | $1,831,700,577 | $1,730,866,818 | $1,030,654,208 | $857,832,270 |
| 2023 | - | - | $1,126,313,359 | $849,555,971 |
| 2024 | - | - | $1,161,251,868 | $883,260,050 |
Economic indicators
|
San Marino
|
Vanuatu
|
|
|---|---|---|
| Gross domestic product |
$1.83B
2022 |
$1.16B
2024 |
| GDP rank |
181/197
2022 |
185/197
2024 |
| GDP growth |
-1.28%
2021-2022 |
3.1%
2023-2024 |
| GDP per capita |
$54,265
2022 |
$3,543
2024 |
| GDP per capita rank |
20/197
2022 |
133/197
2024 |
| GDP per capita, PPP |
$75,941
2022 |
$3,602
2024 |
| Government debt |
$1.31B
2022 |
$518M
2024 |
| Debt-to-GDP ratio |
64.1%
2025 |
48.5%
2025 |
| Government debt per person |
$38,712
2022 |
$1,580
2024 |
| Government debt per person rank |
15/185
2022 |
126/185
2024 |
| Average annual personal income after taxes |
$44,308
2025 |
$2,778
2025 |
| Income share by richest 10% | n/a |
24.7%
2019 |
| Income share by poorest 10% | n/a |
3%
2019 |
| Government expenditure, % of GDP |
22.1%
2025 |
38.6%
2025 |
| Consumer prices inflation |
2%
2024-2025 |
11.2%
2022-2023 |
| Unemployment rate |
4.91%
2022 |
4.05%
2020 |
| Population |
33996
|
341110
|
GDP per capita in San Marino vs Vanuatu
San Marino's GDP per capita is $54,265, ranking 20/197, compared to $3,543 in Vanuatu, ranking 133/197. Adjusted for purchasing power (GDP per capita PPP), San Marino ranks 17th at $75,941, while Vanuatu ranks 170th at $3,602.
| Year | Current $ | |||
|---|---|---|---|---|
|
San Marino
|
Vanuatu
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1979 | - | - | $1,055 | - |
| 1980 | - | - | $1,048 | - |
| 1981 | - | - | $962 | - |
| 1982 | - | - | $946 | - |
| 1983 | - | - | $947 | - |
| 1984 | - | - | $1,137 | - |
| 1985 | - | - | $1,012 | - |
| 1986 | - | - | $946 | - |
| 1987 | - | - | $1,017 | - |
| 1988 | - | - | $1,125 | - |
| 1989 | - | - | $1,067 | - |
| 1990 | - | - | $1,141 | $1,670 |
| 1991 | - | - | $1,326 | $1,737 |
| 1992 | - | - | $1,344 | $1,777 |
| 1993 | - | - | $1,257 | $1,789 |
| 1994 | - | - | $1,431 | $1,946 |
| 1995 | - | - | $1,492 | $1,961 |
| 1996 | - | - | $1,529 | $1,998 |
| 1997 | $37,853 | $44,426 | $1,562 | $2,087 |
| 1998 | $40,127 | $47,679 | $1,471 | $2,091 |
| 1999 | $41,932 | $52,064 | $1,472 | $2,084 |
| 2000 | $37,601 | $53,713 | $1,460 | $2,206 |
| 2001 | $39,035 | $57,252 | $1,350 | $2,125 |
| 2002 | $41,791 | $57,584 | $1,341 | $1,995 |
| 2003 | $52,530 | $60,224 | $1,567 | $2,070 |
| 2004 | $58,232 | $61,114 | $1,774 | $2,157 |
| 2005 | $59,878 | $63,739 | $1,874 | $2,287 |
| 2006 | $63,271 | $67,434 | $2,035 | $2,496 |
| 2007 | $70,124 | $71,744 | $2,334 | $2,573 |
| 2008 | $75,902 | $71,724 | $2,604 | $2,701 |
| 2009 | $62,429 | $61,970 | $2,546 | $2,730 |
| 2010 | $56,543 | $58,926 | $2,815 | $2,733 |
| 2011 | $55,601 | $56,240 | $3,163 | $2,816 |
| 2012 | $47,946 | $51,274 | $3,005 | $2,834 |
| 2013 | $50,808 | $50,770 | $2,980 | $2,832 |
| 2014 | $51,260 | $52,909 | $2,973 | $2,890 |
| 2015 | $43,147 | $52,247 | $2,855 | $2,966 |
| 2016 | $44,359 | $53,033 | $2,956 | $3,030 |
| 2017 | $45,192 | $52,463 | $3,160 | $3,146 |
| 2018 | $47,951 | $54,461 | $3,207 | $3,233 |
| 2019 | $46,627 | $57,444 | $3,207 | $3,315 |
| 2020 | $44,427 | $55,207 | $3,043 | $3,118 |
| 2021 | $54,169 | $64,745 | $3,212 | $3,136 |
| 2022 | $54,265 | $75,941 | $3,292 | $3,453 |
| 2023 | - | - | $3,515 | $3,461 |
| 2024 | - | - | $3,543 | $3,602 |
Spending and national debt comparison
In 2024, San Marino's government spending was $397M, accounting for 22.1% of its GDP, while Vanuatu's spent $442M, or 38.6% of GDP.
Debt-to-GDP ratio is 64.1% in San Marino and 48.5% in Vanuatu, ranking 69/185 and 113/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
San Marino
|
Vanuatu
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1991 | - | - | 33.2% | 15.9% |
| 1992 | - | - | 31.8% | 21% |
| 1993 | - | - | 26.2% | 20.3% |
| 1994 | - | - | 24.4% | 21.6% |
| 1995 | - | - | 28% | 24.1% |
| 1996 | - | - | 24.5% | 23.1% |
| 1997 | - | - | 22.2% | 22.9% |
| 1998 | - | - | 27.9% | 28% |
| 1999 | - | - | 23.9% | 30.6% |
| 2000 | - | - | 25.4% | 36.1% |
| 2001 | - | 11.6% | 22.3% | 37% |
| 2002 | - | 17.2% | 22.3% | 38.8% |
| 2003 | - | 16.1% | 18.8% | 38.3% |
| 2004 | 19% | 16.9% | 18.5% | 30.4% |
| 2005 | 19.3% | 14.5% | 18.3% | 26.3% |
| 2006 | 19.7% | 14.2% | 20.1% | 22.2% |
| 2007 | 20.7% | 12.6% | 22.5% | 19.5% |
| 2008 | 22% | 15.5% | 27.8% | 21.2% |
| 2009 | 24.8% | 20.1% | 27.6% | 21.1% |
| 2010 | 24.4% | 20% | 28.3% | 20.2% |
| 2011 | 25.4% | 16.6% | 25.1% | 21.3% |
| 2012 | 30.6% | 17.2% | 24.5% | 19.3% |
| 2013 | 30.2% | 23.2% | 22.9% | 18.6% |
| 2014 | 23.7% | 21% | 23.3% | 20.2% |
| 2015 | 26.3% | 19.3% | 42.4% | 36.3% |
| 2016 | 23.4% | 21.4% | 35.2% | 42.5% |
| 2017 | 25.6% | 56.6% | 37.1% | 52.6% |
| 2018 | 24.5% | 56.7% | 33.3% | 45.3% |
| 2019 | 22.4% | 56.2% | 39.8% | 45.1% |
| 2020 | 59.2% | 69.8% | 43.4% | 48% |
| 2021 | 37.1% | 77.2% | 44.4% | 48.5% |
| 2022 | 21.7% | 71.3% | 42% | 43.1% |
| 2023 | 21.9% | 69.9% | 41.6% | 40.6% |
| 2024 | 22.4% | 65.2% | 38% | 44.6% |
| 2025 | 22.1% | 64.1% | 38.6% | 48.5% |
Government deficit by year
In 2022, San Marino's government surplus, the difference between spending and revenue, was $7.76M, equivalent to 0.42% of GDP. This compares to Vanuatu's deficit of -$67M, or -6.5% of GDP.
Over the past 19 years, San Marino recorded a fiscal deficit in 12 of those years, while Vanuatu ran a deficit in 11 years. On average, San Marino posted an annual deficit equal to -3.96% of GDP, compared to deficit of -0.55% of GDP for Vanuatu.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
San Marino
|
Vanuatu
|
|
| 1991 | - | -2.81% |
| 1992 | - | -2.32% |
| 1993 | - | -3.67% |
| 1994 | - | -1.49% |
| 1995 | - | -2.59% |
| 1996 | - | -1.78% |
| 1997 | - | -0.51% |
| 1998 | - | -6.65% |
| 1999 | - | -0.55% |
| 2000 | - | -6.28% |
| 2001 | - | -3.33% |
| 2002 | - | -3.63% |
| 2003 | - | -1.35% |
| 2004 | 2.44% | 0.8% |
| 2005 | 3.58% | 1.86% |
| 2006 | 1.51% | 0.49% |
| 2007 | 1.83% | 0.28% |
| 2008 | 0.18% | -0.04% |
| 2009 | -2.46% | -0.85% |
| 2010 | -2.24% | -2.63% |
| 2011 | -4.05% | -2.19% |
| 2012 | -7.08% | -1.7% |
| 2013 | -7.74% | -0.25% |
| 2014 | 1.06% | 1.44% |
| 2015 | -3.32% | -8.66% |
| 2016 | -0.19% | -0.72% |
| 2017 | -3.49% | -1.2% |
| 2018 | -1.56% | 6.26% |
| 2019 | -0.11% | 2.81% |
| 2020 | -37.6% | -1.95% |
| 2021 | -16.4% | 2.38% |
| 2022 | 0.42% | -6.5% |
| 2023 | -0.73% | -3.47% |
| 2024 | -1.85% | -6.47% |
| 2025 | -1.71% | -5.96% |
Inflation comparison by year
Over the past 21 years, San Marino has recorded an average annual inflation rate of 1.99%, compared with 3.1% in Vanuatu. In 2023, inflation was 2% in San Marino and 11.2% in Vanuatu.
| Year | Inflation | ||
|---|---|---|---|
|
San Marino
|
Vanuatu
|
San Marino
|
Vanuatu
|
| 1996 | - | 0.91% | |
| 1997 | - | 2.83% | |
| 1998 | - | 3.28% | |
| 1999 | - | 2% | |
| 2000 | - | 2.54% | |
| 2001 | - | 3.58% | |
| 2002 | - | 1.96% | |
| 2003 | 1.3% | 3.02% | |
| 2004 | 1.4% | 1.42% | |
| 2005 | 1.7% | 1.2% | |
| 2006 | 2.1% | 2.04% | |
| 2007 | 2.5% | 3.94% | |
| 2008 | 4.1% | 4.84% | |
| 2009 | 2.4% | 4.3% | |
| 2010 | 2.4% | 2.76% | |
| 2011 | 2.2% | 0.87% | |
| 2012 | 2.8% | 1.35% | |
| 2013 | 1.6% | 1.46% | |
| 2014 | 1.1% | 0.8% | |
| 2015 | 0.1% | 2.48% | |
| 2016 | 0.6% | 0.84% | |
| 2017 | 1% | 3.08% | |
| 2018 | 1.2% | 2.33% | |
| 2019 | 0.5% | 2.76% | |
| 2020 | -0.1% | 5.33% | |
| 2021 | 1.6% | 2.34% | |
| 2022 | 5.3% | 6.68% | |
| 2023 | 5.9% | 11.2% | |
| 2024 | 1.2% | - | |
| 2025 | 2% | - | |
Balance of trade
|
San Marino
|
Vanuatu
|
|
|---|---|---|
Current account balance
|
$284M
2022 |
-$127M
2022 |
| Current account balance ranking |
61/189
2022 |
88/189
2022 |
| Current account balance, % of GDP |
+15.5%
2022 |
-12.4%
2022 |
| Goods imports |
$2.32B
2022 |
$350M
2022 |
| Goods exports |
$2.73B
2022 |
$73.6M
2022 |
| Service imports |
$849M
2022 |
$230M
2022 |
| Service exports |
$891M
2022 |
$78.5M
2022 |
| Imports of goods and services, % of GDP |
173%
2022 |
55.5%
2022 |
| Exports of goods and services, % of GDP |
197.4%
2022 |
9.65%
2022 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
San Marino
|
Vanuatu
|
|
|---|---|---|
| Economic freedom | 76 | 61.8 |
| Economic freedom ranking | 16/197 | 86/197 |
| Property rights | n/a | 61.4 |
| Government integrity | n/a | 48.1 |
| Judicial effectiveness | n/a | 71.3 |
| Tax burden | n/a | 97.6 |
| Government spending | n/a | 43.1 |
| Fiscal health | n/a | 85.4 |
| Business freedom | n/a | 55.5 |
| Labor freedom | n/a | 48.8 |
| Monetary freedom | n/a | 65.7 |
| Trade freedom | n/a | 59.4 |
| Investment freedom | n/a | 65 |
| Financial freedom | n/a | 40 |
More economic indicators
|
San Marino
|
Vanuatu
|
|
|---|---|---|
| Services, % of GDP |
55.1%
2022 |
60.4%
2022 |
| Industry, % of GDP |
37.6%
2022 |
7.55%
2022 |
| Agriculture, forestry, and fishing, % of GDP |
0.01%
2022 |
24.9%
2022 |
|
GNI, Atlas method
|
$1.82B
2022 |
$1.29B
2024 |
| GNI per capita, PPP |
$69,360
2022 |
$4,120
2024 |
| Total reserves including gold |
$759M
2024 |
$615M
2024 |
| Total reserves ranking |
147/177
2024 |
152/177
2024 |
|
Net foreign direct investment
|
-$20.3M
2022 |
-$9.21M
2022 |
|
Net inflows of foreign direct investment
|
$85.9M
2022 |
$28.9M
2024 |
|
Net outflows of foreign direct investment
|
$65.6M
2022 |
$2.79M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
1.99%
2023 |
| Poverty at national poverty lines | n/a |
15.9%
2020 |
|
Gross capital formation, % of GDP
|
23%
2022 |
39.2%
2022 |
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.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
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.