Economy of San Marino

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Economy of San Marino
Currency Euro (EUR)
Statistics
GDP Decrease$1.365 billion (PPP 2012 est.)
GDP rank 199th (PPP 2012)
GDP growth
Increase-2.1% (Real,2012 est.)
GDP per capita
Decrease$36,200 (PPP, 2012 est.)
GDP by sector
agriculture: 0.1%; industry: 39.2%; services: 60.7% (2009)
Decrease2.5%% (CPI, 2012)
Population below poverty line
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Labour force
21830 (December 2012)
Labour force by occupation
agriculture: 0.1%; industry: 34.4%; services: 65.5% (2010 est.)
Unemployment Increase7% (2012)
Main industries
tourism, banking, textiles, electronics, ceramics, cement, wine
External
Exports Increase$3.827 billion (2011 est.)
Export goods
building stone, lime, wood, chestnuts, wheat, wine, baked goods, hides, ceramics
Main export partners
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Imports Increase$2.551 billion (2011 est.)
Import goods
wide variety of consumer manufactures, food
Main import partners
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FDI stock
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Public finances
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Revenues $667.7 million (2011)
Expenses $694.7 million (2011)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of San Marino is focussed around industries such as banking, wearing apparel, including fabrics, electronics, ceramics, tiles, furniture, paints, and spirits/wines. In addition, San Marino sells collectible postage stamps to philatelists. The main agricultural products are wine and cheeses.

The per capita level of output and standard of living are comparable to those of Italy, which supplies much of its food. In addition, San Marino maintains the lowest unemployment rate in Europe, has a state budget surplus, and no national debt. Income taxes are much lower than in Italy, and there are therefore extremely strict requirements to obtain citizenship. San Marino's per capita gross national product in 2000 stood at $32,000 with more than 50% of that coming from the tourism industry which draws about 3.15 million people annually. One of the greatest sources of income from tourism comes from the sale of historic coins and stamps. In 1894, San Marino issued the first commemorative stamps and since then that has been part of a large livelihood in the republic. All 10 of the Post Offices of San Marino sell these stamps and collectible coins, including "Legal Gold Tender Coins".

Traditional economic activities in San Marino were food crops, sheep farming, and stone quarrying. Today farming activities focus on grain, vines and orchards, as well as animal husbandry (cattle and swine).