unbekannter Gast

El Salvador: Economy#

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 2013. Remittances accounted for 16% of GDP in 2013 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 (CAFTA-DR), which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition. The Salvadoran Government maintained fiscal discipline during post-war reconstruction and reconstruction following earthquakes in 2001 and hurricanes in 1998 and 2005, but El Salvador's external debt has been growing over the last several years, amounting to some 57% of GDP in 2013. In September 2013, El Salvador was awarded a $277 million second compact with the Millennium Challenge Corporation (MCC) - a United States Government agency aimed at stimulating economic growth and reducing poverty - to improve El Salvador's competitiveness and productivity in international markets.

Economic Facts#

GDP (purchasing power parity)$47.47 billion (2013 est.)
$46.72 billion (2012 est.)
$45.84 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate1.6% (2013 est.)
1.9% (2012 est.)
2.2% (2011 est.)
GDP - per capita (PPP)$7,500 (2013 est.)
$7,400 (2012 est.)
$7,300 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 10.3%
industry: 29.5%
services: 60.1% (2013 est.)
Population below poverty line36.5% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 1%
highest 10%: 37% (2009 est.)
Labor force - by occupationagriculture: 21%
industry: 20%
services: 58% (2011 est.)
Exports - commoditiesoffshore assembly exports, coffee, sugar, textiles and apparel, gold, ethanol, chemicals, electricity, iron and steel manufactures
Exports - partnersUS 47.3%, Guatemala 13.8%, Honduras 9.6%, Nicaragua 5.4% (2012)
Agriculture - productscoffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products
Budgetrevenues: $4.683 billion
expenditures: $5.666 billion (2013 est.)
Imports - commoditiesraw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity
Imports - partnersUS 35.4%, Guatemala 12.7%, Mexico 7%, China 5.6%, Germany 4.2% (2012)
Exchange ratesnote: the US dollar is used as a medium of exchange and circulates freely in the economy, 1 (2013 est.)
1 (2012 est.)
Exports$5.112 billion (2013 est.)
$5.447 billion (2012 est.)
Debt - external$14.44 billion (31 December 2013 est.)
$13.56 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$10.03 billion (2013 est.)
$9.912 billion (2012 est.)
Industrial production growth rate2.1% (2013 est.)
Industriesfood processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals
Inflation rate (consumer prices)0.9% (2013 est.)
1.8% (2012 est.)
Labor force2.738 million (2013 est.)
Unemployment rate6.3% (2013 est.)
6.1% (2012 est.)
note: data are official rates; but underemployment is high
Distribution of family income - Gini index46.9 (2007)
52.5 (2001)
Public debt62% of GDP (2013 est.)
59.2% of GDP (2012 est.)
note: El Salvador's total public debt includes non-financial public sector debt, financial public sector debt, and central bank debt
Current account balance-$1.331 billion (2013 est.)
-$1.257 billion (2012 est.)
Reserves of foreign exchange and gold$2.855 billion (31 December 2013 est.)
$3.176 billion (31 December 2012 est.)
GDP (official exchange rate)$24.67 billion (2013 est.)
Stock of direct foreign investment - at home$8.879 billion (31 December 2013 est.)
$8.635 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$5.7 million (31 December 2013 est.)
$5.7 million (31 December 2012 est.)
Market value of publicly traded shares$10.74 billion (31 December 2012 est.)
$5.474 billion (31 December 2011)
$NA (31 December 2010 est.)
Commercial bank prime lending rate$NA (31 December 2013 est.)
5.6% (31 December 2012 est.)
Stock of domestic credit$11.16 billion (31 December 2013 est.)
$10.51 billion (31 December 2012 est.)
Stock of narrow money$2.914 billion (31 December 2013 est.)
$2.796 billion (31 December 2012 est.)
Stock of broad money$10.12 billion (31 December 2013 est.)
$9.847 billion (31 December 2012 est.)
Taxes and other revenues19% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 93.9%
government consumption: 11.1%
investment in fixed capital: 14.5%
investment in inventories: 0%
exports of goods and services: 29%
imports of goods and services: -48.5%
(2013 est.)
Gross national saving9% of GDP (2013 est.)
8.9% of GDP (2012 est.)
9.3% of GDP (2011 est.)