Italy and San Marino
Italy and San Marino share centuries of territorial, family and institutional connections. The 1939 friendship convention remains a bilateral pillar, complemented by financial, cultural and mobility cooperation and diplomatic representation formalised later.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
The 1862 convention framed relations with unified Italy and the friendship and good-neighbourliness agreement of 31 March 1939 remains the main reference.
What merchandise trade shows
In 2024, goods trade between Italy and San Marino totalled 50 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Italy to San Marino, at 50 million USD in 2024.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 49.99 M USD | 2024 · Comtrade |
| Goods: Italy to San Marino | 49.99 M USD | 2024 · Comtrade |
| Goods: San Marino to Italy | 0.0000888 M USD | 2024 · Comtrade |
| Services trade | ||
| Export share: Italy to San Marino | 0.00742 % | 2024 · Comtrade |
| Export share: San Marino to Italy | ||
| Investment stock: Italy in San Marino | ||
| Investment stock: San Marino in Italy |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2024 · UN Comtrade · Goods; full calendar year; reporter ITA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Italy to San Marino
- 2024 · UN Comtrade · Goods; full calendar year; reporter ITA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: San Marino to Italy
- 2024 · UN Comtrade · Goods; full calendar year; reporter ITA. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Italy to San Marino
- 2024 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Some annual indicators refer to different years. Check the period beside each value before comparing them.
| Indicator | Italy | San Marino |
|---|---|---|
| Nominal GDP | 2.55 trillion USD2025 · WB | 2.03 billion USD2023 · WB |
| GDP per capita | 43,308.64 USD2025 · WB | 59,871.33 USD2023 · WB |
| GDP growth | 0.54 %2025 · WB | 0.4 %2023 · WB |
| Policy interest rate | 2.5 %2026-09-16 · BCE | |
| Inflation · annual average | 1.53 %Annual average · 2025 · WB | 2.3 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 6.39 %ILO est.2025 · WB | |
| Budget balance (% of GDP) | -3.1 %IMF est.2025 · IMF | -1 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 137.1 %IMF est.2025 · IMF | 60.6 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 1.15 %2025 · WB | 21.99 %2023 · WB |
| Population | 58,915,656World Bank est.2025 · WB | 33,8602023 · WB |
| Area | 302,070 km²2023 · WB | |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDItaly: 2025 · World Bank · Official World Bank series. Observation year, not download date.San Marino: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- GDP per capita
- Current USD per personItaly: 2025 · World Bank · Official World Bank series. Observation year, not download date.San Marino: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- GDP growth
- Annual real change (%)Italy: 2025 · World Bank · Official World Bank series. Observation year, not download date.San Marino: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Policy interest rate
- Central bank instrument (%)Italy: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central Bank · ECB deposit facility rate, shared by euro-area members; not an independent national rate.
- Inflation · annual average
- Average annual change in headline CPI (%)Italy: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series. Observation year, not download date.San Marino: 2025 · Annual average CPI change (%) · World Bank · Official World Bank series. Observation year, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionItaly: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Official World Bank series. Observation year, not download date.
- Budget balance
- General government (% of GDP)Italy: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.San Marino: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Italy: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.San Marino: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPItaly: 2025 · World Bank · Official World Bank series. Observation year, not download date.San Marino: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Population
- PeopleItaly: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census for the reference year.San Marino: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Area
- Total area in km²; territorial coverage of the sourceItaly: 2023 · World Bank · Official World Bank series. Observation year, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Connections between people
Subsequent conventions cover broadcasting, Rimini–Miramare airport and cultural and scientific cooperation. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Italy living in San Marino | ||
| Residents from San Marino living in Italy | ||
| Study and training: Italy in San Marino | ||
| Study and training: San Marino in Italy | ||
| Academic stays: Italy in San Marino | ||
| Academic stays: San Marino in Italy | ||
| Travel: Italy to San Marino | ||
| Travel: San Marino to Italy |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
The 1862 convention framed relations with unified Italy and the friendship and good-neighbourliness agreement of 31 March 1939 remains the main reference. An additional 1968 protocol established diplomatic representations; Italy opened a legation in 1970 and upgraded it to an embassy in 1979. [1]
The scale of both economies
Nominal GDP for Italy is 2,551.6 billion USD (2025), compared with 2 for San Marino (2023). The reference populations are 58.92 and 0.0339 million, respectively. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
Subsequent conventions cover broadcasting, Rimini–Miramare airport and cultural and scientific cooperation. The 2009 economic and financial agreements sought stability and transparency. Following tax tensions, San Marino was removed from Italy’s tax list in 2014. Mattarella visited the republic on 6 December 2023. The profile places technical conclusion of the EU association agreement in December 2023, distinguishing it from entry into force still pending. [1]
What merchandise trade shows
In 2024, merchandise trade between the two countries (Italy and San Marino) totalled 50 million current USD. Shipments from the first to the second were 50 million; those in the opposite direction, 0.0000888 million. The difference between the two flows was 50 million, in favour of Italy. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Italy to the partner represented 0.00742% of its worldwide goods exports in 2024. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Italy to San Marino, at 50 million USD in 2024. Within the selected chapters, vehicles and components stands out in shipments from San Marino to Italy, at 0.0000888 million USD in 2024. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — ITA-SMR
ambsanmarino.esteri.it · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-08
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; ISO and reference year; no military dataset expansion
World Bank · Institutional source · Accessed: 2026-10-08
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.