{
  "title": "Republic of San Marino: 2022 Article IV Consultation-Press Release and Staff Report",
  "publication": "IMF Staff Country Reports, November 23, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/11/21/san-marino-2022-article-iv-consultation-press-release-and-staff-report-525794",
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  "summary": "San Marino's economic activity showed remarkable resilience throughout the pandemic. After Russia's invasion of Ukraine, San Marino faced an unprecedented energy price shock which, compounded with a food price shock, led to high inflation and real income erosion.",
  "sections": [
    {
      "heading": "Economic performance and shocks",
      "content": "- San Marino's economic activity \"showed remarkable resilience throughout the pandemic.\"\n- After Russia's invasion of Ukraine, San Marino experienced \"an unprecedented energy price shock\" which, \"compounded with a food price shock, led to high inflation and real income erosion.\"\n- Offsetting factors supporting activity \"so far this year\" include:\n  - \"Strong external demand amidst global supply chain constraints.\"\n  - \"An elevated inflow of tourists.\"\n- San Marino \"secured beneficial energy import prices this year and next\" that have produced \"tariffs below regional peers at minimal fiscal costs.\""
    },
    {
      "heading": "Fiscal position and public debt dynamics",
      "content": "- Despite a strong economy, \"the fiscal position in 2021 remained relatively weak.\"\n- Favorable debt dynamics are supported by:\n  - \"Greater reliance on domestic debt.\"\n  - \"A large share of long maturing and low interest debt.\"\n- Higher inflation is noted as a factor interacting with debt dynamics."
    },
    {
      "heading": "Financial sector performance and vulnerabilities",
      "content": "- Banks' capitalization and profitability \"improved in 2021.\"\n- Deposit levels \"continued to grow.\"\n- Credit activity \"contracted.\"\n- Recent progress \"halted recently\" and vulnerabilities persist given:\n  - \"Very large nonperforming assets.\"\n  - \"Weak capitalization.\""
    },
    {
      "heading": "Key findings (concise bullets)",
      "content": "- Pandemic resilience in economic activity.\n- Energy and food price shocks following Russia's invasion of Ukraine caused high inflation and real income erosion.\n- Tourism inflows and external demand have boosted activity in the current year.\n- Beneficial energy import pricing secured for this year and next, yielding tariffs below regional peers at minimal fiscal cost.\n- Weak fiscal position in 2021 despite economic strength.\n- Domestic, long-maturity, low-interest debt structure aids debt dynamics amid higher inflation.\n- Financial sector improvements in 2021 reversed recently; large nonperforming assets and weak capitalization remain material vulnerabilities.\n\nSource: Republic of San Marino: 2022 Article IV Consultation-Press Release and Staff Report (November 23, 2022).\n\n---\n\n Content in this bundle\n\n- 1smrea2022001\n  - 1smrea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1smrea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 23, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400224447.002",
    "San Marino's economic activity \"showed remarkable resilience throughout the pandemic.\"",
    "After Russia's invasion of Ukraine, San Marino experienced \"an unprecedented energy price shock\" which, \"compounded with a food price shock, led to high inflation and real income erosion.\"",
    "Offsetting factors supporting activity \"so far this year\" include:",
    "San Marino \"secured beneficial energy import prices this year and next\" that have produced \"tariffs below regional peers at minimal fiscal costs.\"",
    "Despite a strong economy, \"the fiscal position in 2021 remained relatively weak.\"",
    "Favorable debt dynamics are supported by:",
    "Higher inflation is noted as a factor interacting with debt dynamics.",
    "Banks' capitalization and profitability \"improved in 2021.\"",
    "Deposit levels \"continued to grow.\"",
    "Credit activity \"contracted.\"",
    "Recent progress \"halted recently\" and vulnerabilities persist given:",
    "Pandemic resilience in economic activity.",
    "Energy and food price shocks following Russia's invasion of Ukraine caused high inflation and real income erosion.",
    "Tourism inflows and external demand have boosted activity in the current year.",
    "Beneficial energy import pricing secured for this year and next, yielding tariffs below regional peers at minimal fiscal cost.",
    "Weak fiscal position in 2021 despite economic strength.",
    "Domestic, long-maturity, low-interest debt structure aids debt dynamics amid higher inflation.",
    "Financial sector improvements in 2021 reversed recently; large nonperforming assets and weak capitalization remain material vulnerabilities.",
    "**1smrea2022001**"
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