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El Salvador Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











El Salvador Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The smallest country in Central America geographically, El Salvador has the fourth largest economy in the region. With the global recession, real GDP contracted in 2009 and economic growth has since remained low, averaging less than 2% from 2010 to 2014, but recovered somewhat in 2015-17 with an average annual growth rate of 2.4%. Remittances accounted for approximately 18% of GDP in 2017 and were received by about a third of all households.

In 2006, El Salvador was the first country to ratify the Dominican Republic-Central American Free Trade Agreement, which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition. In September 2015, El Salvador kicked off a five-year $277 million second compact with the Millennium Challenge Corporation - a US Government agency aimed at stimulating economic growth and reducing poverty - to improve El Salvador's competitiveness and productivity in international markets.

The Salvadoran Government maintained fiscal discipline during reconstruction and rebuilding following earthquakes in 2001 and hurricanes in 1998 and 2005, but El Salvador's public debt, estimated at 59.3% of GDP in 2017, has been growing over the last several years.

GDP (purchasing power parity):
$51.17 billion (2017 est.)
$50.01 billion (2016 est.)
$48.75 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 109
[see also: GDP country ranks ]

GDP (official exchange rate):
$24.81 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.3% (2017 est.)
2.6% (2016 est.)
2.4% (2015 est.)
country comparison to the world: 140
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$8,000 (2017 est.)
$7,900 (2016 est.)
$7,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 152
[see also: GDP - per capita country ranks ]

Gross national saving:
14.9% of GDP (2017 est.)
13% of GDP (2016 est.)
12.4% of GDP (2015 est.)
country comparison to the world: 137
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 84.5% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.8% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 27.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -44.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 12% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.7% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products

Industries:
food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals

Industrial production growth rate:
3.6% (2017 est.)
country comparison to the world: 81
[see also: Industrial production growth rate country ranks ]

Labor force:
2.774 million (2017 est.)
country comparison to the world: 109
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
[see also: Labor force - by occupation - industry country ranks ]
services: 58% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7% (2017 est.)
6.9% (2016 est.)
note: data are official rates; but underemployment is high
country comparison to the world: 107
[see also: Unemployment rate country ranks ]

Population below poverty line:
32.7% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.3% (2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36 (2016 est.)
38 (2014)
country comparison to the world: 90
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 5.886 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 6.517 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
23.7% (of GDP) (2017 est.)
country comparison to the world: 123
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% (of GDP) (2017 est.)
country comparison to the world: 114
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67.9% of GDP (2017 est.)
66.4% of GDP (2016 est.)
note: El Salvador's total public debt includes non-financial public sector debt, financial public sector debt, and central bank debt
country comparison to the world: 54
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1% (2017 est.)
0.6% (2016 est.)
country comparison to the world: 51
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
6.47% (31 December 2017 est.)
6.37% (31 December 2016 est.)
country comparison to the world: 124
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.653 billion (31 December 2017 est.)
$3.129 billion (31 December 2016 est.)
country comparison to the world: 114
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.653 billion (31 December 2017 est.)
$3.129 billion (31 December 2016 est.)
country comparison to the world: 120
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.22 billion (31 December 2017 est.)
$13.71 billion (31 December 2016 est.)
country comparison to the world: 100
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$2.64 billion (31 December 2017 est.)
$4.4 billion (31 December 2017 est.)
$3.816 billion (31 December 2017 est.)
country comparison to the world: 97
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$501 million (2017 est.)
-$500 million (2016 est.)
country comparison to the world: 119
[see also: Current account balance country ranks ]

Exports:
$4.662 billion (2017 est.)
$5.42 billion (2016 est.)
country comparison to the world: 113
[see also: Exports country ranks ]

Exports - partners:
US 45.7%, Honduras 13.9%, Guatemala 13.5%, Nicaragua 6.7%, Costa Rica 4.6% (2017)

Exports - commodities:
offshore assembly exports, coffee, sugar, textiles and apparel, ethanol, chemicals, electricity, iron and steel manufactures

Imports:
$9.499 billion (2017 est.)
$8.954 billion (2016 est.)
country comparison to the world: 104
[see also: Imports country ranks ]

Imports - commodities:
raw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity

Imports - partners:
US 36.7%, Guatemala 10.5%, China 8.7%, Mexico 7.4%, Honduras 6.7% (2017)

Reserves of foreign exchange and gold:
$3.567 billion (31 December 2017 est.)
$3.238 billion (31 December 2016 est.)
country comparison to the world: 104
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$15.51 billion (31 December 2017 est.)
$16.32 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$10.28 billion (31 December 2017 est.)
$9.197 billion (31 December 2016 est.)
country comparison to the world: 96
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$678.7 million (31 December 2017 est.)
$976.3 million (31 December 2016 est.)
country comparison to the world: 93
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
note: the US dollar is used as a medium of exchange and circulates freely in the economy
1 (2017 est.)


NOTE: 1) The information regarding El Salvador on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of El Salvador Economy 2019 information contained here. All suggestions for corrections of any errors about El Salvador Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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