San Marino: Inflation, GDP deflator (annual % growth)

Key figures

What the numbers say

In 2023, San Marino's inflation, GDP deflator (annual % growth) rose 4.59 percentage points on 2022 (from 2.76% to 7.36%).

Across the 24 yearly changes before that (1999 to 2022), the average change was +0.04 percentage points and a typical year strayed about 1.73 percentage points from that (the standard deviation). This year's change was 2.6 standard deviations above that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 4.8 percentage points in 2008 and the biggest yearly fall was 3.98 percentage points in 2007. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 the straight-line trend is upward, about 0.51 percentage points a year. A straight line explains 50% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

Closest to San Marino in the 2023 ranking

• Channel Islands — 2nd of 4: 5.75%
• Isle of Man — 3rd of 4: 3.2%
• Greenland — 4th of 4: 1.86%

What this measures

Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

Regional and income-group figures are computed by the World Bank as a median.

All 26 values

Inflation, GDP deflator (annual % growth) in nearby economies

• Albania — 1.45% (2025)
• Andorra — 2.63% (2025)
• Armenia — 3.57% (2025)
• Austria — 3.15% (2025)
• Azerbaijan — 0.57% (2025)
• Belarus — 10.92% (2025)
• Belgium — 2.56% (2025)
• Bosnia and Herzegovina — 3.01% (2025)
• Bulgaria — 7.41% (2025)
• Channel Islands — 5.75% (2023)

More financial sector data for San Marino

• Official exchange rate (LCU per US$, period average) — US$0.89 (2025)
• DEC alternative conversion factor (LCU per US$) — US$0.88 (2025)
• GDP deflator (base year varies by country) — 132.36 (2023)
• GDP deflator, linked series (base year varies by country) — 132.36 (2023)
• Inflation, GDP deflator, linked series (annual % growth) — 7.36% (2023)
• Deposit interest rate (%) — 1.55% (2025)
• Lending interest rate (%) — 4.62% (2025)
• Interest rate spread (lending rate minus deposit rate, %) — 3.07% (2025)
• Consumer price index (2010 = 100) — 131.91 (2025)

Reading data like this

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Questions people ask

What is San Marino's inflation, GDP deflator (annual % growth)?

7.36% in 2023, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 5.53 percentage points from 1.83% in 1998. The highest value was 7.36% in 2023 and the lowest -1.97% in 2007.

Is the latest change in inflation, GDP deflator (annual % growth) unusual for San Marino?

In 2023, San Marino's inflation, GDP deflator (annual % growth) rose 4.59 percentage points on 2022 (from 2.76% to 7.36%). Across the 24 yearly changes before that (1999 to 2022), the average change was +0.04 percentage points and a typical year strayed about 1.73 percentage points from that (the standard deviation). This year's change was 2.6 standard deviations above that average, so it was unusually large compared with the rest of the record.

Where does this data come from?

The World Bank's World Development Indicators, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB).

Source

World Bank, World Development Indicators, indicator NY.GDP.DEFL.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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