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arrowSan Marino rated “BBB-/A-3” by S&P Global Ratings

The economic situation in San Marino is showing positive signs, as highlighted in the S&P report. The main aspects and considerations for the country's growth and economic stability emerging from the report are as follows:

1.    GDP growth: Real GDP growth is expected to reach 1.0% this year and to accelerate further in the coming years, supported by robust domestic demand and a recovery in major trading partners.

2.    Association Agreement with the EU: S&P has given a positive assessment on the conclusion of the Association Agreement, considered as an important opportunity to improve governance standards and promote economic growth, making the system more integrated and competitive.

3.    Banking sector: The restructuring of the banking sector through the Asset Management Company (AMC) contributed significantly to reducing non-performing loans (NPLs) from 55% to 24.6%.

4.    Public debt: Net public debt is projected to decline from 64% of GDP in 2023 to 60% in 2027, assuming no further direct support to the banking system.

All this is a prerequisite to assign BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings to San Marino, with a stable outlook. An improvement in the fiscal position could lead to a possible rating upgrade, especially if the public debt-to-GDP-ratio falls faster than expected.

In conclusion, San Marino is on a sustainable growth path, supported by structural reforms and the opportunities of European integration. Monitoring the development of the banking sector and public debt management remains crucial to ensure long-term economic stability.
 

per rating S&P
Contacts Contrada Omerelli, 31 47890 - San Marino Città
info.finanze@gov.sm
+378 (0549) 882661
+378 (0549) 882242
Opening hours Monday - Thursday: 8.15 am - 6.00 pm
Friday: 8.15 am - 2:15 pm
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