San Marino Economy

San Marino exports both wine and cheese. Other agricultural products produced in San Marino are wheat, barley, maize, grapes and olive oil. Industrial production is concerned with cement, synthetic rubber, leather, textiles and ceramics.

Light industries have been expanding quickly in recent years as the Government is looking to diversify the economy away from tourism. That being said, tourism still provides much of the Republic's income, and accounts for about half of GDP from around three million visitors each year.

Quarried stone is an arcane though important export. Another unusual source of revenue for San Marino is the sale of postage stamps and coins: both are popular with collectors and together account for over 10 per cent of government income!

San Marino's external trade statistics are included with Italy. There are however differences in taxes and regulations, which have given San Marino the status of being a tax haven, as a growing number of non-resident deposits have been made in the principality's banks.

If you are doing business in San Marino, there are couple of important things to remember. A suit is recommended for all appointments, and making prior appointments is absolutely essential. Try to avoid making appointments early in the morning or straight after lunch. A knowledge of Italian is useful.