The economy of San Marino is a developed free-market economy focused on industries such as tourism, banking, and the manufacture of ceramics, clothing, fabrics, furniture, paints, spirits, tiles, and wine. Taken together, the manufacturing and financial sector make up more than half of the national GDP. The primary sector contribution to the GDP of the country is marginal, with the main agricultural products being wine and cheeses. In addition, San Marino sells collectible postage stamps to philatelists. Overview San Marino's per-capita GDP stands above $48,000 in 2018, placing the country 15th in the world. Overall, the per capita level of output and standard of living is comparable to the richest regions of Italy. Most of the food, water, and other raw resources are imported from Italy, including also the totality of electricity and natural gas. Taxes, especially on labor and capital income, are generally much lower than in Italy, therefore, there are extremely strict requirements to obtain citizenship. Following the global recession of 2007–2008, San Marino's economy contracted considerably, especially in the finance and banking sector. As a result, GDP decreased by 40% between 2008 and 2019, and unemployment, which was practically nonexistent until 2007, arose to around 5–8 % in the years following the great recession. During the same period, banks' deposits plummeted, going from almost 14 billion euros in 2008 to 5.2 billion. An important liquidity crisis followed suit, also made worse by the absence of a lender of last resort, as San Marino is not part of the European Union. As a consequence of these events, several banks have been bailed-out by the government, including Cassa di Risparmio, the main bank of the country. Still, the banking system remains weak, with balance sheets that are impaired by Non-Performing Loans, which amount to 114% of the country's GDP. The country is shifting away from an economic model typical of tax havens, reliant on banks and tax secrecy. Major steps in this direction were taken in 2010 with the abolition of anonymous companies and in 2017 with the abolition of banking secrecy. Currently, San Marino actively cooperates with international organizations, especially the Council of Europe and the European Union, for what regards fighting against money laundering and terrorism financing. As a result, San Marino was removed from the Italian blacklist of tax havens in 2014, and from that of Ecofin in 2017. Public Finances In the years preceding the