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Economy of San Marino

San Marino is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, San Marino is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, San Marino exports around $3.83 billion and imports roughly $2.55 billion. 8% of population in the country are unemployed. The total number of unemployed people in San Marino is 2,685. The Gini Index of the country is 34.56. San Marino is experiencing good equality. The majority of citizens in San Marino fall within a narrow range of income, although some cases may show significant differences. The strength of legal rights index for San Marino is 1. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of San Marino is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.

Credit rating

According to the Fitch credit-rating agency, San Marino has a credit rating score of BBB+, and the prospects of this rating are negative.

Central bank

In San Marino, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of the Republic of San Marino. Locally, the central bank of San Marino is called Banca Centrale della Repubblica di San Marino.

Public debt

San Marino has a government debt of 25.8% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in San Marino is set at 17%. Personal income tax ranges from 12% to 50%, depending on your specific situation and income level. VAT in San Marino is 17%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in San Marino is $1914 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in San Marino was last recorded at $57 million. PPP in San Marino is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in San Marino is 1,802 billion. Based on this statistic, San Marino is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in San Marino was last recorded at $54 million. The average citizen in San Marino has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in San Marino averaged 0% in 2014. According to this percentage, San Marino is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of San Marino.

Industry

Major industries in the country are tourism, banking, textiles, electronics, ceramics, cement, wine. The total labor force of San Marino is 22,291 people, wherein 8% of population in the country are unemployed. The total number of unemployed people in San Marino is 2,685. The Industrial Production growth rate of San Marino is 3.1%.To read more about industrial information within San Marino click on industry of San Marino.

Agriculture

There are 10 km2 of arable land in San Marino, and it comprises 16% of the country's total territory. There are 10 km2 of cultivated land in San Marino. The country's major agricultural crops and products are wheat, grapes, corn, olives, cattle, pigs, horses, beef, cheese, hides.To read more about agriculture click on agriculture of San Marino.