The economy of San Marino is focussed around industries such as bank

Bank

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

ing, wearing apparel

Clothing

Clothing refers to any covering for the human body that is worn. The wearing of clothing is exclusively a human characteristic and is a feature of nearly all human societies...

, electronics

Electronics

Electronics is the branch of science, engineering and technology that deals with electrical circuits involving active electrical components such as vacuum tubes, transistors, diodes and integrated circuits, and associated passive interconnection technologies...

, and ceramics

Ceramics (art)

In art history, ceramics and ceramic art mean art objects such as figures, tiles, and tableware made from clay and other raw materials by the process of pottery. Some ceramic products are regarded as fine art, while others are regarded as decorative, industrial or applied art objects, or as...

, tiles, furniture, clothing, paints, fabrics, and spirits/wines. In addition, San Marino sells collectible postage stamp

Postage stamp

A postage stamp is a small piece of paper that is purchased and displayed on an item of mail as evidence of payment of postage. Typically, stamps are made from special paper, with a national designation and denomination on the face, and a gum adhesive on the reverse side...

s to philatelists

Philately

Philately is the study of stamps and postal history and other related items. Philately involves more than just stamp collecting, which does not necessarily involve the study of stamps. It is possible to be a philatelist without owning any stamps...

. Main agricultural product

Agriculture

Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...

s are wine

Wine

Wine is an alcoholic beverage, made of fermented fruit juice, usually from grapes. The natural chemical balance of grapes lets them ferment without the addition of sugars, acids, enzymes, or other nutrients. Grape wine is produced by fermenting crushed grapes using various types of yeast. Yeast...

 and cheese

Cheese

Cheese is a generic term for a diverse group of milk-based food products. Cheese is produced throughout the world in wide-ranging flavors, textures, and forms....

s.

The per capita level of output and standard of living

Standard of living

Standard of living is generally measured by standards such as real income per person and poverty rate. Other measures such as access and quality of health care, income growth inequality and educational standards are also used. Examples are access to certain goods , or measures of health such as...

 are comparable to those of Italy

Italy

Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...

, which supplies much of its food. In addition, San Marino maintains the lowest unemployment rate in Europe

Europe

Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...

, a state budget surplus

Government budget

A government budget is a legal document that is often passed by the legislature, and approved by the chief executive-or president. For example, only certain types of revenue may be imposed and collected...

, and no national debt

Government debt

Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government...

. Income tax

Income tax

An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...

es are much lower than in Italy, and there are therefore extremely strict requirements to obtain citizenship. San Marino's per capita gross national product in 2000 stood at $32,000 with more than 50% of that coming from the tourism industry which draws about 3.15 million people annually. One of the greatest sources of income from tourism comes from the sale of historic coins and stamps

Postage stamps and postal history of San Marino

The postal history of San Marino can be traced to October 7, 1607, with the introduction of public postal services. The republic’s postal needs were handled by a post office in nearby Rimini, Italy; the first San Marino post office opened in 1833....

. In 1894, San Marino issued the first commemorative stamp

Commemorative stamp

A commemorative stamp is a postage stamp, often issued on a significant date such as an anniversary, to honor or commemorate a place, event or person. The subject of the commemorative stamp is usually spelled out in print, unlike definitive stamps which normally depict the subject along with the...

s and since then that has been part of a large livelihood in the republic. All 10 of the Post Offices of San Marino sell these stamps and collectible coins, including "Legal Gold Tender Coins".

Traditional economic activities in San Marino were food crops, sheep farming

Sheep husbandry

Sheep husbandry is a subcategory of animal husbandry specifically dealing with the raising and breeding of domestic sheep. Sheep farming is primarily based on raising lambs for meat, or raising sheep for wool. Sheep may also be raised for milk or to sell to other farmers.-Shelter and...

, and stone quarrying

Quarry

A quarry is a type of open-pit mine from which rock or minerals are extracted. Quarries are generally used for extracting building materials, such as dimension stone, construction aggregate, riprap, sand, and gravel. They are often collocated with concrete and asphalt plants due to the requirement...

. Today farming activities focus on grain

GRAIN

GRAIN is a small international non-profit organisation that works to support small farmers and social movements in their struggles for community-controlled and biodiversity-based food systems. Our support takes the form of independent research and analysis, networking at local, regional and...

, vine

Vine

A vine in the narrowest sense is the grapevine , but more generally it can refer to any plant with a growth habit of trailing or scandent, that is to say climbing, stems or runners...

s and orchard

Orchard

An orchard is an intentional planting of trees or shrubs that is maintained for food production. Orchards comprise fruit or nut-producing trees which are grown for commercial production. Orchards are also sometimes a feature of large gardens, where they serve an aesthetic as well as a productive...

s, as well as animal husbandry

Animal husbandry

Animal husbandry is the agricultural practice of breeding and raising livestock.- History :Animal husbandry has been practiced for thousands of years, since the first domestication of animals....

(cattle and swine).