A magnetoresistive element formed by a strip of magnetoresistive material which extends on a substrate of semiconductor material having an upper surface. The strip comprises at least one planar portion which extends parallel to the upper surface, and at least one transverse portion which extends in a direction transverse to the upper surface. The transverse portion is formed on a transverse wall of a dig. By providing a number of magnetoresistive elements perpendicular to one another it is possible to obtain an electronic compass that is insensitive to oscillations with respect to the horizontal plane parallel to the surface of the Earth.