
The study of the economies of theancient city-state of Rome and its empire during the Republican and Imperial periods remains highly speculative. There are no surviving records of business and government accounts, such as detailed reports of tax revenues, and few literary sources regarding economic activity. Instead, the study of this ancient economy is today mainly based on the surviving archeological and literary evidence that allow researchers to form conjectures based on comparisons with other more recent pre-industrial economies.
During the early centuries of theRoman Republic, it is conjectured that the economy was largelyagrarian and centered on the trading of commodities such as grain and wine.[2] Financial markets were established through such trade, and financial institutions, which extended credit for personal use and public infrastructure, were established primarily by interfamily wealth.[3] In times of agricultural and cash shortfall, Roman officials and moneyers tended to respond by coining money, which happened during the prolonged crisis of theFirst Punic War and created economic distortion and difficulties.
Following the Punic Wars, during the late Republic and the earlyRoman Empire, the economy became more monetized and a more sophisticated financial system emerged.[4]Emperors issued coinage stamped with their portraits to disseminate propaganda, to create public goodwill, and to symbolize their wealth and power.[5] The Roman Imperial monetary economy often suffered bouts of inflation in part by emperors who issued money to fund high-profile imperial projects such as public building works or costly wars that offered opportunities for propaganda but little or no material gain.[4]
Emperors of theAntonine and theSeveran dynasties overalldebased the currency, particularly thedenarius, under the pressures of meeting military payrolls.[6] Sudden inflation during the reign ofCommodus damaged the credit market.[7] In the mid-200s, the supply ofspecie contracted sharply.[8] Conditions during theCrisis of the Third Century, such as reductions in long-distance trade, the disruption of mining operations, and the physical transfer of gold coinage outside the empire by invading enemies, greatly diminished the money supply and the banking sector by the year 300.[9] Although Roman coinage had long been fiat money orfiduciary currency, general economic anxieties came to a head underAurelian, and bankers lost confidence in coins legitimately issued by the central government. DespiteDiocletian's introduction of the goldsolidus and monetary reforms, the credit market of the Empire never recovered its former robustness.[7]
The setup of the banking system under the Empire allowed the exchange of extremely large sums without the physical transfer of coins, which led tofiat money. With no central bank, a professionaldeposit banker (argentarius,coactor argentarius, or laternummularius) received and held deposits for a fixed or indefinite term and lent money to third parties.[10] Generally, available capital exceeded the amount needed by borrowers and so loans were made and credit was extended on risky terms.[7][11] The senatorial elite were involved heavily in private lending, as both creditors and borrowers, and made loans from their personal fortunes on the basis of social connections.[4]
Banks of classical antiquity typically keptless in reserves than the full total of customers' deposits, as they had no incentive to ensure that customers' deposits would be insured in the event of abank run.[4] It was common consensus among Romans at the time, especially bySeneca's ideologies, that anyone involved in commerce should have access tocredit.[12] That tendency toward fiat money caused themoney supply to fluctuate consistently.[12]

The main mining regions of the Empire were Spain (gold, silver, copper, tin, lead); Gaul (gold, silver, iron); Britain (mainly iron, lead, tin), theDanubian provinces (gold, iron);Macedonia andThrace (gold, silver); and Asia Minor (gold, silver, iron, tin). Intensive large-scale mining—of alluvial deposits, and by means ofopen-cast mining andunderground mining—took place from the reign of Augustus up to the early 3rd century AD, when the instability of the Empire disrupted production. The gold mines ofDacia, for instance, were no longer available for Roman exploitation after the province was surrendered in 271. Mining seems to have resumed to some extent during the 4th century.[13]

Hydraulic mining, which Pliny referred to asruina montium ("ruin of the mountains"), allowedbase andprecious metals to be extracted on a proto-industrial scale.[15] The total annual iron output is estimated at 82,500 tonnes.[16] Copper was produced at an annual rate of 15,000 t,[17] and lead at 80,000 t,[18] both production levels unmatched until theIndustrial Revolution;[19] Spain alone had a 40 percent share in world lead production.[20] The high lead output was a by-product of extensive silver mining which reached 200 t per annum.[21] At its peak around the mid-2nd century AD, the Roman silver stock is estimated at 10,000 t, five to ten times larger than the combined silver mass ofmedieval Europe and theAbbasid Caliphate around 800 AD.[22] As an indication of the scale of Roman metal production, lead pollution in theGreenland ice sheet quadrupled over its prehistoric levels during the Imperial era, and dropped again thereafter.[23]
The invention and widespread application ofhydraulic mining, namelyhushing and ground-sluicing, aided by the ability of the Romans to plan and execute mining operations on a large scale, allowed various base and precious metals to be extracted on a proto-industrial scale only rarely, if ever, matched until theIndustrial Revolution.[24] The most common fuel by far for smelting and forging operations, as well as heating purposes, was wood and particularlycharcoal, which is nearly twice as efficient.[25] In addition,coal was mined in some regions to a fairly large extent: Almost all major coalfields inRoman Britain were exploited by the late 2nd century AD, and a lively trade along the EnglishNorth Sea coast developed, which extended to the continentalRhineland, wherebituminous coal was already used for the smelting ofiron ore.[26]
| Output per annum | Comment | |
|---|---|---|
| Iron | 82,500t[27] | Based on estimate of iron production at 1.5 kg per head inRoman Britain, extrapolated to population size of 55 million for entire empire[28] |
| Copper | 15,000 t[29] | Largest preindustrial producer[30] |
| Lead | 80,000 t[31] | Largest preindustrial producer[32] |
| Silver | 200 t[33] | At its peak around the mid-2nd century AD, Roman stock is estimated at 10,000 t, five to ten times larger than the combined silver mass ofmedieval Europe and theCaliphate around 800 AD.[34] |
| Gold | 9 t[35] | Production inAsturia,Callaecia, andLusitania (allIberian Peninsula) alone |

The Roman Empire completely encircled the Mediterranean, which they called "our sea"(mare nostrum).[36] Roman sailing vessels navigated the Mediterranean as well as the major rivers of the Empire, including theGuadalquivir,Ebro,Rhône, Rhine,Tiber and Nile.[37] Transport by water was preferred where possible, as moving commodities by land was more difficult[38] and much more expensive: during Roman times, travel by sea was 50 to 60 times cheaper than travel by land according to Keith Hopkins.[39] During the Roman period, sea trade in the Mediterranean reached its pre-modern peak.[40] Vehicles, wheels, and ships indicate the existence of a great number of skilled woodworkers.[41]

Land transport utilized the advanced system ofRoman roads. The in-kind taxes paid by communities included the provision of personnel, animals, or vehicles for thecursus publicus, the state mail and transport service established by Augustus. Relay stations were located along the roads every seven to twelveRoman miles, and tended to grow into a village or trading post.[42] Amansio (pluralmansiones) was a privately run service station franchised by the imperial bureaucracy for thecursus publicus. The support staff at such a facility included muleteers, secretaries, blacksmiths, cartwrights, a veterinarian, and a few military police and couriers. The distance betweenmansiones was determined by how far a wagon could travel in a day.[42] Mules were the animal most often used for pulling carts, travelling about 6.4 km/h.[43] As an example of the pace of communication, it took a messenger a minimum of nine days to travel to Rome fromMainz in the province ofGermania Superior, even on a matter of urgency.[44] In addition to themansiones, some taverns offered accommodations as well asfood and drink; one recorded tab for a stay showed charges for wine, bread, mule feed, and theservices of a prostitute.[45]
Roman provinces traded among themselves, but trade extended outside the frontiers to regionsas far away as China andIndia.[47] The maincommodity was grain.[48] Chinese trade was mostly conducted overland through middle men along theSilk Road; Indian trade, however, also occurred by sea fromEgyptian ports on theRed Sea. Also traded were olive oil, various foodstuffs,garum (fish sauce),slaves, ore and manufactured metal objects, fibres and textiles, timber,pottery,glassware, marble,papyrus, spices andmateria medica, ivory, pearls, and gemstones.[49]
Though most provinces were capable of producing wine,regional varietals were desirable and wine was a central item of trade. Shortages ofvin ordinaire were rare.[50] The major suppliers for the city of Rome were the west coast of Italy, southern Gaul, theTarraconensis region of Spain, andCrete. Alexandria, the second-largest city, imported wine fromLaodicea in Syria and the Aegean.[51] At the retail level, taverns or specialty wine shops(vinaria) sold wine by the jug for carryout and by the drink on-premises, with price ranges reflecting quality.[52]
Trade in the early Roman Empire allowed Rome to become as vast and great as it did. EmperorAugustus, despite his intense public and private spending, took control of trade from the government and expanded Roman influence by opening new trading markets in overseas areas such asBritain,Germany, andAfrica.[53] Rome dominated trade and influence over the world in the age of theRoman Empire but could not advance in their industrial and manufacturing processes.[53] This ultimately threatened the expanding trading and commerce industries that Augustus brought about, as well as the strong standing of the Empire in the eyes of the Romans and the world.
Whereas the Roman economy was able to thrive in the first few centuries AD thanks to its advanced trade and commerce, the boom was tempered as their ways of conducting business changed drastically. Due to Augustus and the aristocracy holding the large majority of land and wealth in Rome,[53] trade and commerce in the basic everyday commodities began to decline. Trade began to only take place for the more luxurious commodities, effectively excluding the majority of Romans due to their poverty.[53] Foreign trade was also incredibly significant to the rise and complexity of the Roman economy, and the Romans traded commodities such as wine, oil, grain, salt, arms, and iron to countries primarily in the West.[53][37] When those countries came under decline in around 2nd century AD, and respective trade between them and the Roman Empire had to cease as a result, this put a dent in the strength of the Roman economy as foreign trade was a major factor of economic growth for the superfluously resourced Empire.[53] Compounded with their inability to make proper production advancements to keep up with their growing and evolving economy, these events hindered Roman trade, limited their array of commodities and harmed the economy.

Inscriptions record 268 different occupations in the city of Rome, and 85 in Pompeii.[54] Professional associations or trade guilds(collegia) are attested for a wide range of occupations, including fishermen(piscatores), salt merchants(salinatores), olive oil dealers(olivarii),entertainers(scaenici), cattle dealers(pecuarii), goldsmiths(aurifices), teamsters(asinarii ormuliones), and stonecutters(lapidarii).[55] These are sometimes quite specialized: onecollegium at Rome was strictly limited to craftsmen who worked in ivory andcitrus wood.[56]
Work performed by slaves falls into five general categories: domestic, with epitaphs recording at least 55 different household jobs;imperial or public service; urban crafts and services; agriculture; and mining.[57] Convicts provided much of the labour in the mines or quarries, where conditions were notoriously brutal.[58] In practice, there was little division of labour between slave and free,[59] and most workers were illiterate and without special skills.[60] The greatest number of common labourers were employed in agriculture: in the Italian system of industrial farming(latifundia), these may have been mostly slaves, but throughout the Empire, slave farm labour was probably less important than other forms of dependent labour by people who were technically not enslaved.[59]
Textile and clothing production was a major source of employment. Both textiles and finished garments were traded among the peoples of the Empire, whose products were often named for them or a particular town, rather like afashion "label".[61] Better ready-to-wear was exported by businessmen (negotiatores ormercatores) who were often well-to-do residents of the production centres.[62] Finished garments might be retailed by their sales agents, who travelled to potential customers, or byvestiarii, clothing dealers who were mostly freedmen; or they might be peddled by itinerant merchants.[62] In Egypt, textile producers could run prosperous small businesses employing apprentices, free workers earning wages, and slaves.[63] Thefullers (fullones) and dye workers (coloratores) had their own guilds.[64]Centonarii were guild workers who specialized in textile production and the recycling of old clothes intopieced goods.[65]
As there are no surviving records that alloweconomic historians to produce reliable estimates for the national accounts of ancient Rome, thus the estimation of ancient Roman product levels remains speculative. Estimates of the gross domestic product of the Roman economy during thePrincipate.[66] For the sample years of 14, 100, and 150 AD, estimates of per capita GDP range from 166 to 380sestertii.
The Roman Empire was not uniformly developed. The GDP per capita ofItaly is estimated to be higher than the average of the Empire during the Principate, due to a higher degree of urbanization and trade (partly thanks to Mediterranean access compared to the provinces in the imperial periphery), and the concentration of elite income in the heartland. Other regions next to the Mediterranean, such as the Aegean and North Africa are also thought to be more developed than the imperial average in the same period.[67] Estimates of the difference between Italian income levels and the average for the Empire vary from 40,[68] to 66,[69] to 100[70] percent higher than in the rest of the Empire.
In theScheidel–Friesen model of Roman national accounts, the total annual income generated by the Empire is placed at nearly 20 billionsestertii, with about 5 percent extracted by the imperial government. Households in the top 1.5 percent ofincome distribution captured about 20 percent of income. Another 20 percent went to about 10 percent of the population who can be characterized as a non-elite middle. The remaining "vast majority" produced more than half of the total income, but lived nearsubsistence.[71] All cited economic historians stress the point that any estimate can only be regarded as a rough approximation to the realities of the ancient economy, given the general paucity of surviving pertinent data.
Based on the evidence left by the archaeological remains of the houses of the prosperous Roman town ofPompeii, Geoffrey Kron[72] estimates that the mean household income of Pompeii was at 7,900sestertii, a much higher amount than is implied by the GDP estimates for the whole Empire. Based on the distribution of house sizes from these archaeological remains, he also estimated a distribution of income that implies that Pompeii had a much larger middle-class than would be expected in the Scheidel–Friesen model. His estimates pointed to a level of living standards in Pompeii superior to 19th century Western Europe. He concluded that existing estimates of Roman GDP should be revised upwards.
| Unit | Goldsmith 1984[73] | Hopkins 1995/96[74] | Temin 2006[75] | Maddison 2007[76] | Bang 2008[77] | Scheidel/Friesen 2009[78] | Lo Cascio/Malanima 2009[68] | |
|---|---|---|---|---|---|---|---|---|
| GDP per capita in | Sestertii | 380 | 225 | 166 | 380 | 229 | 260 | – |
| Wheat equivalent (kg) | 843 | 491 | 614 | 843 | 500 | 680 | – | |
| 2024 dollars | – | – | – | 1,372 | – | 1,492 | 2,262 | |
| Population (Approx. year) | 55 million (14 AD) | 60 million (14 AD) | 55 million (100 AD) | 44 million (14 AD) | 60 million (150 AD) | 70 million (150 AD) | – (14 AD) | |
| Total GDP in | Sestertii | 20.9 billion | 13.5 billion | - | 16.7 billion | 13.7 billion | 17-19 billion | – |
| Wheat equivalent (Mt) | 46.4 | 29.5 | 33.8 | 37.1 | 30 | 50 | – | |
| 2024 dollars | – | – | – | $60 billion | – | $104 billion | – | |
| "–" indicates unknown value. | ||||||||
A^ Decimal fractions rounded to the nearest tenth. Italic numbers not directly given by the authors; they are obtained by multiplying the respective value of GDP per capita by estimated population size.

| Region | Population (thousands) | NDI per capita (2024 dollars) | Total NDI (millions of 2024 dollars) |
|---|---|---|---|
| Roman Europe (including Italy) | 23,100 | 1,427 | 32,946 |
| Roman Europe (excluding Italy) | 16,100 | 1,150 | 18,506 |
| Roman Asia | 12,200 | 1,324 | 16,149 |
| Roman Africa | 8,700 | 1,302 | 11,336 |
| Total Roman Empire | 44,000 | 1,372 | 60,432 |
Angus Maddison is the only economist cited who offers a detailed breakdown of thenational disposable income (NDI) of the various parts of the Roman Empire. His "highly provisional" estimate (see right) relies on alow-count of the Roman population of only 44 million at the time of the death ofAugustus in 14 AD.Italia is considered to have been the richest region, due to tax transfers from theprovinces and the concentration of elite income in the heartland; its NDI per capita is estimated at having been between 40%[68] and 66%[69] higher than in the rest of the empire. Besides Italy, the wealthiest province wasEgypt, in terms of NDI per capita.[81]
The European NDI per capita was higher than in the Asian and African provinces if Italy is included, but without it, the rest of Europe had a lower NDI per capita than the Asian and African provinces.[80] TheHellenistic Eastern provinces (Greece,Asia Minor,Syria, Egypt) were about 20% wealthier than their mostly Latin-speaking Western counterparts, with Egypt alone being about 28% wealthier. However, Italia, which was not administered as a province, enjoyed a higher per capita income than any one of them.[82]
Historians conjectured that imperial taxation under amounted to about 5% of the Empire'sgross product.[83] The typical tax rate paid by individuals ranged from 2 to 5%.[84] This tax burden did not include the tax revenues levied by the local cities, calledmunicipia in the Latin-speaking parts of the Empire andpoleis in the Greek-speaking parts.[85]
The tax code was "bewildering" in its complicated system ofdirect andindirect taxes, some paid in cash and somein kind. Taxes might be specific to a province, or kinds of properties such asfisheries orsalt evaporation ponds; they might be in effect for a limited time.[86] Tax collection was justified by the need to maintain the military,[87][88] and taxpayers sometimes got a refund if the army captured a surplus of booty.[89] In-kind taxes were accepted from less-monetized areas, particularly those who could supply grain or goods to army camps.[90]

The primary source of direct tax revenue was individuals, who paid apoll tax and a tax on their land, construed as a tax on its produce or productive capacity.[84] Supplemental forms could be filed by those eligible for certain exemptions; for example, Egyptian farmers could register fields as fallow and tax-exempt depending on flood patterns of theNile.[91] Tax obligations were determined by theCensus, which required each head of household to appear before the presiding official and provide a head count of his household, as well as an accounting of property he owned that was suitable for agriculture or habitation.[91]
A major source of indirect-tax revenue was theportoria, customs and tolls on imports and exports, including among provinces.[84] Special taxes were levied on the slave trade. Towards the end of his reign, Augustus instituted a 4% tax on the sale of slaves,[92] which Nero shifted from the purchaser to the dealers, who responded by raising their prices.[93] An owner whomanumitted a slave paid a "freedom tax", calculated at 5% of value.[94]
Aninheritance tax of 5% was assessed when Roman citizens above a certain net worth left property to anyone but members of their immediate family. Revenues from the estate tax and from a 1% sales tax on auctions went towards the veterans' pension fund(aerarium militare).[84]
Low taxes helped the Roman aristocracy increase their wealth, which equalled or exceeded the revenues of the central government. An emperor sometimes replenished his treasury by confiscating the estates of the "super-rich", but in the later period, theresistance of the wealthy to paying taxes was one of the factors contributing to the collapse of the Empire.[87]
Existing literary sources provide only fragmentary evidence regarding Roman state revenues. Some of the existing literary evidence is detailed as follows: With the conclusion of theThird Mithridatic War in 63 BC, theRoman Republic now incorporated theKingdom of Pontus,Cilicia, most ofSyria, and the island ofCrete into its growing dominion, as well as turning theKingdom of Judea into aclient state.[95] The Roman historianPlutarch records that afterPompey's return to Rome as a renowned conqueror ofthe east, tablets were presented showing that state revenues had increased from 50 milliondenarii to 85 million, an increase from 200 to 340 millionsesterces from new taxes levied.[95] Yet this was apparently roughly the size of the entire state budget of thePtolemaic Kingdom of Hellenistic Egypt. BothCicero andStrabo related how at the beginning of the reign ofPtolemy XII Auletes (80–51 BC) his kingdom received an annual revenue of 12,500talents, the equivalent of 75 milliondenarii, or 300 millionsesterces.[95] Hence, with the Roman conquest of Egypt in theFinal War of the Roman Republic (32–30 BC) and transformation of Egypt into aRoman province, one would readily assume a considerable increase in state revenues was made. The revenues garnered in Egypt in 80 BC alone was seven times the amount of tax money contemporaryRoman Gaul offered to the Roman coffers following its conquest byJulius Caesar, a mere 40 millionsesterces.[95] Yet this was roughly the same amount of taxes Rome was able to levy from Egypt (i.e., 40 millionsesterces) after its conquest byOctavian, bringing the total figure for state revenues up to 420 million (which included 40 million from newly conquered Egypt, 40 million from Gaul, and 340 million from all other provinces).[96] The whole ofRoman Britain after its conquest produced only about 11 millionsesterces in revenues whereas the city ofAlexandria in Egypt alone generated roughly 36 million sesterces.[97]Gold mining from the Roman provinces ofHispania on theIberian Peninsula produced roughly 80 millionsesterces every year.[97]
During the 1st century AD, the total value ofimported goods form the maritime trade coming from theIndian Ocean region (includingthe silk andspice trade) was roughly 1,000 million sesterces, allowing the Roman state to garner 250 million sesterces of that figure in tax revenue.[98] Even after the reduction in the number ofRoman legions from about fifty to twenty-eight (500,000 down to 300,000 full-time soldiers andauxiliaries) the Roman state under Augustus still spent 640 million sesterces on military costs alone per annum (with total state expenses hovering around 1,000 million).[99] Raoul McLaughlin stresses that "as long as international commerce thrived, the Roman Empire could meet these high-level military costs."[99] A further 25 million sesterces in state revenues was gathered by taxing the Romanexported goods loaded on ships destined for Arabia and India (worth roughly 100 million in total).[100]

In ancient Romebusinessesadvertised themselves primarily throughword of mouth, the usage of thetrade sign, and through black or red writings inscribed on surfaces.[101] They were displayed asfrescoes ormosaics. Masters would task theirslaves with inscribing advertisements onto the walls of ancient Roman settlements.[102] In ancient Rome,graffiti was the equivalent ofbillboards.[103] Goods and products in ancient Rome may have carried inscriptions which were used to advertise other goods and services. Toychariots were inscribed with the names of famous charioteers and lamps and bowls had images of famousgladiators.[104] It was also common for merchants to advertise their brands onamphorae.[103] These markers were known as thetitulus pictus. They were used to convey information about the good and provide an easily recognizable label that attracted consumers to the product.[105] Merchants would hire orators to spread the news of their product on the streets of the Roman cities.[106] Wealthy businessmen would pay people to mention their business inliterature.[103]
Roman vendors could also market based on their own uniqueproduct brand. InPompeii merchants advertised their own brands ofgarum, a Roman fish sauce, based on itsingredients, processing, and themanufacturer. Two knownmarketing slogans from Pompeii are "essence of the best mackerel" and "best available."Wine merchants in ancient Rome usedpositioning, which is a marketing term referring to the place a brand holds in the customer's minds. They marketed their wine as high-class.[106]
Archaeological excavations in Pompeii revealed one advertisement that stated:[107]
The gladiators owned by Aulus Suettius Certus will fight at Pompeii on May 31. There will be an animal hunt and awnings will be provided.
— Unknown
Advertising in ancient Rome served multiple purposes. It helped businesses market their services, it promotedpoliticians, and it advertised games and entertainment.[106]