National Debt (% of GDP): San Marino

Analysis# San Marino National Debt (% of GDP) San Marino's national debt stands at 61.8% of GDP in 2026, down from a catastrophic peak of 77.2% in 2021 but substantially higher than the 11.6% low recorded in 2001. Over 25 years, the country's debt burden has surged 432.8%, reflecting decades of fiscal pressure. The microstate remains in a moderate debt range relative to developed economies, though the trajectory marks a dramatic departure from its early-2000s position of fiscal strength. The 2020–2021 period saw a sharp spike, with debt jumping from 56.2% to 77.2% amid pandemic-related economic disruptions. Since that peak, San Marino has entered a consistent downward trend, shedding over 15 percentage points across five years. Projections suggest continued decline through 2026, signaling gradual fiscal stabilization. If this momentum holds, the country may approach the mid-50s range within the next few years.