El Salvador Economy - 2024

Economic overview

growth-challenged Central American economy buttressed via remittances; dense labor force; fairly aggressive COVID-19 stimulus plan; new and lower banking reserve requirements; earthquake, tropical storm, and crime disruptions; widespread corruption

Real GDP (purchasing power parity)

$57.371 billion (2021 est.)
$52.024 billion (2020 est.)
$56.657 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.28% (2021 est.)
-8.18% (2020 est.)
2.44% (2019 est.)

Real GDP per capita

$9,100 (2021 est.)
$8,300 (2020 est.)
$9,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$27.023 billion (2019 est.)

Inflation rate (consumer prices)

3.47% (2021 est.)
-0.37% (2020 est.)
0.08% (2019 est.)

Credit ratings

Fitch rating: B- (2017)

Moody's rating: B3 (2018)

Standard & Poors rating: B- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 12% (2017 est.)

industry: 27.7% (2017 est.)

services: 60.3% (2017 est.)

GDP - composition, by end use

household consumption: 84.5% (2017 est.)

government consumption: 15.8% (2017 est.)

investment in fixed capital: 16.9% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 27.6% (2017 est.)

imports of goods and services: -44.9% (2017 est.)

Agricultural products

sugar cane, maize, milk, poultry, sorghum, beans, coconuts, eggs, apples, oranges

Industries

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

Industrial production growth rate

9.47% (2021 est.)

Labor force

2.658 million (2021 est.)

Unemployment rate

5.94% (2021 est.)
6.25% (2020 est.)
4.17% (2019 est.)

note: data are official rates; but underemployment is high

Youth unemployment rate (ages 15-24)

total: 13.7% (2021 est.)

male: 11.3%

female: 18.3%

Population below poverty line

22.8% (2019 est.)

Gini Index coefficient - distribution of family income

38.8 (2019 est.)

Average household expenditures

on food: 26.5% of household expenditures (2018 est.)

on alcohol and tobacco: 0.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.2%

highest 10%: 32.3% (2014 est.)

Remittances

26.06% of GDP (2021 est.)
24.15% of GDP (2020 est.)
21.04% of GDP (2019 est.)

Budget

revenues: $6.448 billion (2019 est.)

expenditures: $7.273 billion (2019 est.)

Budget surplus (+) or deficit (-)

-2.5% (of GDP) (2017 est.)

Public debt

71.41% of GDP (2020 est.)
53.88% of GDP (2019 est.)
52.21% of GDP (2018 est.)

note: El Salvador's total public debt includes non-financial public sector debt, financial public sector debt, and central bank debt

Taxes and other revenues

18.66% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.457 billion (2021 est.)
$202.947 million (2020 est.)
-$113.356 million (2019 est.)

Exports

$8.491 billion (2021 est.) note: data are in current year dollars
$6.295 billion (2020 est.) note: data are in current year dollars
$8.057 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 40%, Guatemala 15%, Honduras 15%, Nicaragua 6% (2019)

Exports - commodities

clothing, electrical capacitors, plastic lids, sugar, packaged medicines, toilet paper (2021)

Imports

$15.754 billion (2021 est.) note: data are in current year dollars
$10.764 billion (2020 est.) note: data are in current year dollars
$12.469 billion (2019 est.) note: data are in current year dollars

Imports - partners

United States 30%, China 14%, Guatemala 13%, Mexico 8%, Honduras 6% (2019)

Imports - commodities

refined petroleum, packaged medicines, clothing, broadcasting equipment, natural gas (2019)

Reserves of foreign exchange and gold

$3.426 billion (31 December 2021 est.)
$3.083 billion (31 December 2020 est.)
$4.446 billion (31 December 2019 est.)

Debt - external

$17.24 billion (2019 est.)
$16.712 billion (2018 est.)

Exchange rates

note: the US dollar is used as a medium of exchange and circulates freely in the economy

Exchange rates:
1 (2021 est.)
1 (2020 est.)
1 (2019 est.)
1 (2018 est.)
1 (2017 est.)