Economic Challenges in San Marino: A Review of Key Indicators

Executive Summary The International Monetary Fund’s (IMF) Country Report No. 23/129 provides an overview of the economic situation in San Marino, highlighting several key challenges faced by the country.

Economic Indicators

• Revenues and Expenditure:
  • Revenues: Ranged from 19.7 to 22.7
  • Expenditure: Varied between 21.1 and 59.2
• Overall Balance:
  • Ranged from -1.4 to -37.6
• Government Debt (Official):
  • Peaked at 71.7 in [year]

Public Debt

• Total Public Debt:
  • Ranged from 65.9 to 81.3

Money and Credit

• Deposits:
  • Showed a moderate growth with a percent change ranging from 1.7 to 3.2
• Private Sector Credit:
  • Declined in some years with a percent change as low as -10.8

External Accounts

• Current Account Balance:
  • Fluctuated between 2.1 and 6.5 percent of GDP
• Gross International Reserves:
  • Increased over the years, reaching a peak of 842.4 million euros in [year]

Financial Soundness Indicators

• Regulatory Capital to Risk-Weighted Assets:
  • Showed an increase over the years with values ranging from 10.7 to 14.6
• NPL Ratio:
  • Decreased slightly between 2019 and 2020
• NPL Coverage Ratio:
  • Increased significantly in 2022
• Return on Equity (ROE):
  • Declined from -7.7 to 3.8 over the years
• Liquid Assets to Total Assets:
  • Decreased between 2019 and 2020
• Liquid Assets to Short-Term Liabilities:
  • Decreased slightly between 2019 and 2020