San Marino: public finances

What is San Marino's national debt?

San Marino's public debt was 62.8% of GDP in 2024, down from 68.3% in 2023 and 70.6% in 2022, according to the macroeconomic table in the National Statistics Office's Relazione economico-statistica 2026. Projections in the same table put it at 61.4% in 2025 and 59.4% in 2027.

The report, published with the 2026 state budget, notes the Government's aim of bringing debt below 60% of GDP in the medium term. It refers to the renewal of the country's Eurobond due the following year. The projections are estimates and depend on the budget balance and on growth. San Marino uses the euro, as the report notes.

Official sources: Ufficio Nazionale di Statistica: Relazione economico-statistica 2026 (PDF)

Does San Marino have a budget deficit?

San Marino's public accounts showed a surplus of 0.4% of GDP in 2024, after a deficit of 0.7% in 2023, according to the Relazione economico-statistica 2026 of the National Statistics Office. Revenue was 21.3% of GDP and spending 20.9%. For 2025 the report projects a deficit of 1.6% of GDP.

The report says 2024 turned out better than planned because of careful spending and one-off revenue from dividends of public companies and direct taxes. It expects new pressure on spending in 2025 from higher transfers and more public-sector jobs. The budget figures in the report are projections for 2025 onward, not final accounts.

Official sources: Ufficio Nazionale di Statistica: Relazione economico-statistica 2026 (PDF) · UNS: Relazione economico-statistica, all editions

What is San Marino's national debt?

The IMF puts general government gross debt in San Marino at 59.8% of GDP in 2025. The peak was 78.4% of GDP in 2021 and the low 12.6% of GDP in 2007. Across Europe & Central Asia the middle value was 46.9% of GDP, and San Marino placed 17th highest of 51. Worldwide: 75th of 185.

What is San Marino's fiscal deficit?

0.6% of GDP: that is general government net lending or borrowing in San Marino for 2025, according to the IMF. The peak was 3.6% of GDP in 2005 and the low -37.6% of GDP in 2020. It is 11th highest of 51 in Europe & Central Asia, where the median is -2.4% of GDP. World rank, highest first: 29th of 188.

How much revenue does San Marino's government raise?

In 2025, general government revenue in San Marino was 21.6% of GDP, according to the IMF. Its high point since 2005 was 2014, at 24.8% of GDP; its low point was 2021, at 20.7% of GDP. Europe & Central Asia median: 41.3% of GDP; San Marino is 48th highest of 50. Worldwide: 119th of 187.

How much does San Marino's government spend?

According to the IMF, general government spending in San Marino was 21.1% of GDP in 2025. Since 2005 it has ranged from 19.3% of GDP (2005) to 59.2% of GDP (2020). Europe & Central Asia median: 43.3% of GDP; San Marino is 49th highest of 50. Worldwide: 141st of 186.

How much tax does San Marino collect?

The latest figure from the IMF, for 2023, is 17.3% of GDP. Its high point since 2005 was 2014, at 18.3% of GDP; its low point was 2010, at 15.6% of GDP. Europe & Central Asia median: 19.6% of GDP; San Marino is 36th highest of 47. Worldwide: 60th of 110.