Search Results

You are looking at 1 - 10 of 83 items for :

  • "Sammarinese authorities" x
Clear All
International Monetary Fund

joint estimate between the Fund staff and the Sammarinese authorities. Owing to a change in methodology for computing the national accounts, the growth rate for 1995 is not available. 2/ 12-month change through September. 3/ September. 4/ Due to a change in methodology, figures from 1990–94 and 1995–96 are not comparable. 5/ In percent of GDP. 6/ Due to a change in methodology for computing the national accounts, ratios to GDP between 1990–94 and 1995–96 are not comparable. 7/ January–September. 8/ January–September over the

International Monetary Fund

At the outset, I want to convey my authorities’ deepest appreciation for the work done by the mission headed by Mr. Prati. As with previous missions, my Sammarinese authorities have greatly benefited from Staff advice and continue to enjoy a fruitful relationship with the Fund. Recent Developments Recent data suggest that the economic recovery is under way, reflecting an improved international economic environment. In May, unemployment decreased to 3.17 percent against 4.09 in the same period of 2003 while imports have picked up increasing to 6 percent in

International Monetary Fund. European Dept.
This Article IV Consultation focuses on San Marino’s prolonged recession. The global crisis has led to a significant decline in budget revenues. However, San Marino’s sizable pre-2008 budget surplus, combined with recent tax measures and efforts to restrain expenditures, have helped contain the deficit at about 3 percent of GDP. Executive Directors noted that San Marino’s economy will face financial and fiscal challenges in the near term, as well as uncertain medium-term prospects. Directors considered that, notwithstanding the recent recapitalization, the largest bank will need more capital to meet prudential requirements.
International Monetary Fund

At the outset, the Sammarinese authorities wish to thank the Fund’s mission teams for the high-quality and balanced reports, which are testament to the excellent dialogue and working relationship with the Fund. The authorities have greatly benefited from the conclusions of the FSAP, as well as from the Article IV discussion on policies to mitigate macro-financial vulnerabilities and support growth. They broadly share the Fund’s recommendations. San Marino’s economy has not been immune from the global crisis. Growth turned negative in 2008, deteriorated in

International Monetary Fund

percent in 1996. 2 The financial sector, while spawning few jobs, has generated sizable capital incomes; for example, profits in the banking sector averaged over 17 percent of GDP in 1995–96. The public sector (including the public enterprises) continues to account for a sizable share of economic activity, and its share of employment has remained stable since 1980, at about 25 percent. Figure 1. San Marino: Employment by Sector Source: Data provided by the Sammarinese authorities. A. Aggregate Supply and Demand 7. San Marino has enjoyed rapid growth in

International Monetary Fund. European Dept.

The Sammarinese authorities would like to thank staff for the candid and helpful discussions held during the Article IV consultations and for the valuable recommendations and tailored advice in the Report and Selected Issues Paper. They broadly concur with staff’s analysis and, as in the past, plan to make good use of the accurate and detailed Fund’s recommendations. Overview In the wake of the 2008 global crisis, the Sammarinese economy and financial sector were hit by several concurrent shocks. Primarily of external origin, such as Delta Group

International Monetary Fund

Source: Data provided by Sammarinese authorities. Table 1. San Marino: Basic Data Total area (sq. km.): 61.2 population (December 200): 26,941 GNP per capita (current US$, 1999): 23,390 Life expectancy (2000): 77(male) 84(female) Infant mortality (1995/1999 average): 7.9 per thousand 1996 1997 1998 1999 2000 2001 2002 Output and Prices Real GDP 1/ 4.9 6

International Monetary Fund
This paper examines the development of the business model thus far and considers options for the future. The development of San Marino’s financial system over the past two decades is outlined. San Marino’s financial sector focuses on services to its residents and the residents of its large neighbor. San Marino’s competitiveness is assessed on the basis of real exchange rates. The importance of a strong relationship with Italy may also require San Marino to take more initiatives to amend its position and acquire new skills.
International Monetary Fund. European Dept.

.5 … … … Liquid assets to total assets 16.1 15.3 16.5 … … Liquid assets to short-term liabilities 31.7 42.8 46.6 … … Sources: International Financial Statistics; Sammarinese authorities; World Bank; and IMF staff calculations. 1/ For the central government. Does not include possible costs of future bank recapitalization. 2/ For 2014, latest available. 3/ Based on total loan loss provision, which covers nonperforming and performing loans. 1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds

International Monetary Fund. European Dept.

unemployment rate edged up to above 8 percent (December) after moderating in the first half of the year, while the number of enterprises further contracted. Headline inflation picked up and then retrenched to about 1.6 percent reflecting volatile food and transport costs, but core inflation remained broadly stable at 0.7 percent (December). Real GDP Growth (Percent) Source: Sammarinese authorities and IMF staff. Number of Enterprises (Percent, contribution to growth in 3-month average) Source: Sammarinese authorities. Unemployment Rate and