← Back to Index

San Marino

49.7 Early Autumn #50 of 217 · SMR · Europe & Central Asia · High income · Data: 7/7
What's Driving the Score
Base CCI (7 indicators weighted) 43.6
Hidden extraction (shadow economy, employer burden) +6.1
Total CCI 49.7
Development Context
GDP per capita: $59,880
Actual spending: 40.5% GDP
Expected (Wagner): 33.9% GDP
Indicator Breakdown
Each indicator is normalized to 0-100. Higher = more late-cycle pressure. The composite CCI is a weighted average plus adjustments.
Spending
40.5% GDP 61.0 2023
Debt
62.7% GDP 31.4 2024
Growth
1% 60.0 2024
Migration
1.09/1000 47.3 2024
Governance
1.02 29.5 2024
Fiscal Pressure
5% of revenue 10.0 2024
Demographic
Fert: 1.16 | Dep: 34.3% 65.9 2024
Spending (18% weight) - Total general government expenditure as % of GDP. Source: IMF WEO. Range: 10% (lean) to 60% (heavy state). Higher spending = further in the cycle.
Debt (14%) - Gross government debt as % of GDP. Source: IMF WEO. Range: 0-200%. Debt accumulation is how states finance extraction beyond revenue.
Growth (15%) - Average real GDP per capita growth over 5 years. Source: IMF WEO / World Bank. Inverted: low or negative growth signals extraction is suffocating the productive economy.
Migration (10%) - Net migration rate per 1000 population. Source: UN Population Division via World Bank. Inverted: people leaving is the most honest indicator - they vote with their feet.
Governance (18%) - Composite of control of corruption, government effectiveness, rule of law, and regulatory quality. Source: World Bank Worldwide Governance Indicators. Inverted: poor governance = extraction without accountability.
Fiscal Pressure (13%) - Interest payments as % of government revenue. Source: World Bank WDI. When interest consumes revenue, the state must tax more, borrow more, or print - the death spiral mechanism.
Demographic (12%) - Composite of fertility rate (below replacement = future worker shortage) and old-age dependency ratio (more retirees per worker = more fiscal pressure). Trajectory signal - affects the cycle in 20-30 years.
Hidden Extraction
Shadow Economy -
Social Contributions 30.7% rev
Self-Employment -
Spending-Revenue Gap 23.2% GDP
Total Hidden Adjustment +6.1 pts
Official spending data understates real extraction. These proxies estimate what's hidden:
Shadow Economy - % of GDP operating outside formal taxation. Source: IMF WP 18/17 (Medina-Schneider). Brazil at 35% means a third of the economy is escaping formal taxation - but citizens still pay through embedded costs.
Social Contributions - Employer payroll burden as % of government revenue. Hidden from workers' payslips. A 22% figure means significant extraction happens before workers see their salary.
Self-Employment - High rates signal people fleeing formal employment because the extraction burden makes it unprofitable. Informal/self-employed workers still pay consumption taxes.
Spending-Revenue Gap - Difference between what the state spends and what it collects as formal tax. The gap is funded by hidden channels: forced savings (e.g. FGTS in Brazil), state enterprises, parastatal organizations, or money printing.
CCI Trajectory (2000-2026) +10.4 pts over 26 years
Spring E.Sum M.Sum L.Sum E.Aut M.Aut L.Aut E.Win 0 20 40 60 80 100 2000 2004 2008 2012 2016 2020 2024 2026 39.3 38.2 50.7 49.2 39.4 49.7 data 7/7 0/7
Historical CCI computed from available indicators per year (spending, growth, governance, fiscal pressure, demographics). Not all 7 indicators are available for every year - early data points use fewer indicators. The trend direction matters more than absolute values.
Nearest Countries by CCI Score
# Country CCI Season Delta Data
51 Azerbaijan 49.7 Early Autumn +0.0 7/7
52 Pakistan 49.7 Early Autumn +0.0 6/7
49 Algeria 49.8 Early Autumn +0.1 5/7
53 Trinidad and Tobago 49.6 Early Autumn -0.1 7/7
47 Thailand 50 Mid Autumn +0.3 7/7