10 Surprising Facts About The GDP of San Marino:
A Comprehensive Guide
Introduction
San Marino is a tiny country that is often overlooked, but it has a surprisingly robust economy.
The country is known for its beautiful landscapes and historic sites, but it is also home to a thriving economy that is worth exploring.
What is GDP?
Before we dive into the GDP of San Marino, it’s important to understand what GDP is.
GDP stands for gross domestic product, and it is the total value of all goods and services produced within a country’s borders in a specific time period, usually a year.
San Marino’s GDP
San Marino’s GDP is an important indicator of the country’s economic health. Despite being one of the smallest countries in the world, San Marino has a surprisingly large economy. In 2020, San Marino’s GDP was $1.6 billion USD.
Fact 1: San Marino has the highest GDP per capita in the world
San Marino has the highest GDP per capita in the world, according to the International Monetary Fund (IMF).
In 2020, San Marino’s GDP per capita was $52,269 USD, which is significantly higher than the global average.
Fact 2: The Sanmarinese economy is largely based on services
The economy of San Marino is largely based on services. In fact, the service sector accounts for around 85% of the country’s GDP. This includes industries such as banking, insurance, and tourism.
Fact 3: San Marino has a thriving tourism industry
San Marino has a thriving tourism industry, which contributes significantly to the country’s economy.
The country is known for its stunning landscapes, historic sites, and cultural events, which attract tourists from all over the world.
Fact 4: San Marino has a low unemployment rate
San Marino has a low unemployment rate, which is a sign of a healthy economy. In 2020, the country’s unemployment rate was just 7.3%, which is significantly lower than the global average.
Fact 5: San Marino has a favorable tax regime
San Marino has a favorable tax regime, which has helped to attract businesses and investors to the country.
The country has a flat income tax rate of 17%, and there are no taxes on capital gains or inheritance.
Fact 6: San Marino is a member of the European Union Customs Union
San Marino is a member of the European Union Customs Union, which means that the country has access to the EU’s single market. This has helped to boost trade and economic growth in the country.
Fact 7: San Marino is a member of the United Nations Industrial Development Organization
San Marino is a member of the United Nations Industrial Development Organization (UNIDO), which is dedicated to promoting sustainable industrial development around the world.
This membership provides San Marino with access to a wide range of resources and expertise in the area of industrial development.
Fact 8: San Marino’s GDP has grown steadily in recent years
San Marino’s GDP has grown steadily in recent years, despite the challenges posed by the COVID-19 pandemic. In 2019, the country’s GDP grew by 2.6%, and in 2020, it contracted by only 2.1%.
Fact 9: San Marino has a highly skilled workforce
San Marino has a highly skilled workforce, with a strong emphasis on education and training.
The country has a high literacy rate and a strong education system, which has helped to produce a workforce that is well-equipped to meet the demands of the modern economy.
Fact 10: San Marino’s economy is closely linked to that of Italy
San Marino’s economy is closely linked to that of Italy, which is its largest trading partner. The two countries have a customs union agreement that allows for the free movement of goods and services between them, which has helped to boost trade and economic growth in San Marino.
GDP of San Marino
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$1,632,860,041 |
1.50% |
- Nominal (current) Gross Domestic Product (GDP) of San Marino is $1,632,860,041 (USD) as of 2017.
- Real GDP (constant, inflation adjusted) of San Marino reached $1,795,929,921 in 2017.
- GDP Growth Rate in 2017 was 1.50%, representing a change of 26,540,836 US$ over 2016, when Real GDP was $1,769,389,085.
- GDP per Capita in San Marino (with a population of 33,671 people in 2017) was $53,338, an increase of $526 from $52,811 in 2016; this represents a change of 1.0% in GDP per capita.
Gross Domestic Product (GDP) of San Marino
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $1,632,860,041 | $1,795,929,921 | 1.50% | $53,338 | 0.50 % | 33,671 |
| 2016 | $1,564,380,531 | $1,769,389,085 | 2.20% | $52,811 | 0.70 % | 33,504 |
| 2015 | $1,523,012,088 | $1,731,300,474 | 0.60% | $52,035 | 0.98 % | 33,272 |
| 2014 | $1,788,510,017 | $1,720,974,627 | -0.90% | $52,233 | 1.21 % | 32,948 |
| 2013 | $1,865,374,403 | $1,736,604,063 | -3.03% | $53,347 | 1.40 % | 32,553 |
| 2012 | $1,800,077,091 | $1,790,916,460 | -7.55% | $55,783 | 1.40 % | 32,105 |
| 2011 | $2,054,489,853 | $1,937,142,143 | -9.44% | $61,184 | 1.38 % | 31,661 |
| 2010 | $2,139,072,848 | $2,139,072,848 | -4.66% | $68,496 | 1.34 % | 31,229 |
| 2009 | $2,363,156,432 | $2,243,519,764 | -12.82% | $72,804 | 1.26 % | 30,816 |
| 2008 | $2,752,307,016 | $2,573,572,020 | 1.65% | $84,562 | 1.23 % | 30,434 |
| 2007 | $2,488,365,727 | $2,531,793,253 | 7.13% | $84,216 | 1.22 % | 30,063 |
| 2006 | $2,092,585,623 | $2,363,285,562 | 3.86% | $79,572 | 1.28 % | 29,700 |
| 2005 | $1,958,711,603 | $2,275,550,152 | 2.38% | $77,600 | 1.33 % | 29,324 |
| 2004 | $1,877,328,036 | $2,222,630,381 | 4.59% | $76,801 | 1.32 % | 28,940 |
5 FAQs About San Marino
- What is San Marino known for?
San Marino is known for its beautiful landscapes, historic sites, and cultural events.
- What is San Marino’s GDP?
San Marino’s GDP was $1.6 billion USD in 2020.
- What is San Marino’s GDP per capita?
San Marino’s GDP per capita was $52,269 USD in 2020, which is the highest in the world.
- What is the main industry in San Marino?
The main industry in San Marino is the service sector, which accounts for around 85% of the country’s GDP.
- Is San Marino a member of the European Union?
No, San Marino is not a member of the European Union, but it is a member of the European Union Customs Union.
See also
- Demographics OF Oceania
- Demographics of Northern America
- Demographics OF Latin America and the Caribbean
- Demographics of Europe
- Demographics of Asia
- GDP of Barbados
- GDP of Togo
- Demographics of Africa
Sources:
- GeoNames
- World Population Prospects: The 2019 Revision – United Nations Population Division
- Organisation for Economic Co-operation and Development (OECD)
- World Urbanization Prospects – Population Division – United Nations
- United Nations Statistics Division
- World Bank