San Marino’s economy
Three cheers for tourism
Up to the 1960s, San Marino’s economy was dominated by stone excavation from domestic stone quarries, cattle breeding and agriculture. Nowadays, tourism is the predominant economic sector. More than two million tourists a year visit the republic, 85 % of which are Italian, to enjoy the pleasant, Mediterranean climate, and to see the fortifications and markets. Numerous shops sell souvenirs and various regional productions. This touristic boost had a gradually positive effect on industry, craft and trade. Among the most important San Marinese industries are furniture, ceramics, fabrics and clothes, as well as candies.
Currency and financial policy
Up to the European Monetary Union, the San Marinese Lira was the main currency. Similarly to the Vatican Lira, it was a nominally independent currency. It had a fixed exchange rate to the Italian Lira. All the currencies were de facto used equally in all three countries. The Euro has been the official currency with country-specific coinage since 1 January 2002. Furthermore, special collectors’ coins in silver (5 and 10 Euros) and Gold (20 and 50 Euros) plus golden Scudi are coined. While San Marino has lost its OECD status as tax shelter, the republic is still a popular destination with Italian investors due to the lack of a bilateral tax agreement with Germany, the US or Italy.
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