IMF Staff Country Reports

This paper reviews economic developments in San Marino during 1990–98. San Marino has enjoyed rapid growth in the 1990s, as the expansion in output has outstripped that experienced in Italy as a whole and the surrounding regions of Emilia–Romagna and the Marche. Real GDP rose by an average of about 10 percent per year in 1992–94 and an estimated 5 percent in 1996 and 1997. Employment rose sharply in the early 1990s before slowing down to an average of 3 percent in 1996–97.