III.

Economy

The economy of San Marino was traditionally based on agriculture, forestry, and stone-quarrying. Since 1945 these have declined in importance as tourism has grown. The tourism industry now provides 60 per cent of national revenue. Light industry, such as electronics, is also of growing importance. Manufactured goods include textiles and clothing, wine, cheeses, cement, leather goods, synthetic rubber products, and ceramics.

A.

Currency

The monetary unit of San Marino was formerly the Italian lira, but in line with Italy’s adoption of the new Euro currency in 2002, San Marino followed suit. As at early 2008, 0.68 Euros equalled US$1.

B.

Commerce and Trade

In 1995 annual government revenue and expenditure were balanced at about US$320 million. Wheat, barley, maize, olives, wine, and livestock and dairy products dominate agricultural output. The sale of postage stamps is a significant source of government revenue, but exports of building materials, formerly an important source of export earnings, have ceased with the exhaustion of the quarries on Mount Titano.

C.

Communications

The two most popular daily newspapers in San Marino are La Tribuna Sammarinese and San Marino Oggi. The state-run San Marino RTV runs radio and television broadcasts in the country. There is also a privately run radio station.