| Economy | El Salvador |
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Economy - overview:
|
The smallest country in Central America, El Salvador has the third largest economy, but growth has been modest in recent years. Economic growth will decelerate in 2009 due to the global slowdown and to El Salvador's dependence on exports to the US and remittances from the US. El Salvador leads the region in remittances per capita with inflows equivalent to nearly all export income. In 2006 El Salvador was the first country to ratify the Central America-Dominican Republic Free Trade Agreement (CAFTA). CAFTA has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the maquila sector. The SACA administration has sought to diversify the economy, focusing on regional transportation and tourism. El Salvador has promoted an open trade and investment environment, and has embarked on a wave of privatizations extending to telecom, electricity distribution, banking, and pension funds. In late 2006, the government and the Millennium Challenge Corporation signed a five-year, $461 million compact to stimulate economic growth and reduce poverty in the country's northern region through investments in education, public services, enterprise development, and transportation infrastructure. With the adoption of the US dollar as its currency in 2001, El Salvador lost control over monetary policy and must concentrate on maintaining a disciplined fiscal policy. |
GDP (purchasing power parity):
|
$43.94 billion (2008 est.)
$42.57 billion (2007)
$40.66 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$6,200 (2008 est.)
$6,100 (2007 est.)
$6,000 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$22.28 billion (2008 est.) |
GDP - real growth rate:
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3.2% (2008 est.)
4.7% (2007 est.)
4.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 11.2%
industry: 24.7%
services: 64.1% (2008 est.) |
Investment (gross fixed):
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16% of GDP (2008 est.) |
Population below poverty line:
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30.7% (2006 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 38.8% (2002) |
Distribution of family income - Gini index:
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52.4 (2002) |
Inflation rate (consumer prices):
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4.7% (2008 est.) |
Central bank discount rate:
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void |
Commercial bank prime lending rate:
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NA |
Stock of money:
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$1.802 billion (31 December 2007) |
Stock of money - per capita:
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251 USD per capita |
Stock of quasi money:
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$764.1 million (31 December 2007) |
Stock of quasi money - per capita:
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107 USD per capita |
Stock of domestic credit:
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$9.221 billion (31 December 2008) |
Stock of domestic credit - per capita:
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1,284 USD per capita |
Labor force:
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2.958 million (2008 est.) |
Labor force participation rate:
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41.17 % of population |
Labor force - by occupation:
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agriculture: 19%
industry: 23%
services: 58% (2006 est.) |
Unemployment rate:
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6.3% official rate; but the economy has much underemployment (2008 est.) |
Budget:
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revenues: $3.928 billion
expenditures: $4.226 billion (2008 est.) |
Budget revenues per capita:
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547 USD per capita |
Public debt:
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26.7% of GDP (2008 est.) |
Industries:
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food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals |
Industrial production growth rate:
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3.8% (2008 est.) |
Electricity - production:
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5.338 billion kWh (2007 est.) |
Electricity - production per capita:
|
743 kWh per capita |
Electricity - consumption:
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4.426 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
616 kWh per capita |
Electricity - exports:
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8.64 million kWh (2007 est.) |
Electricity - imports:
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11.08 million kWh (2007 est.) |
Oil - production:
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0 bbl/day (2005) |
Oil - production per capita:
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void |
Oil - consumption:
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44,330 bbl/day (2006 est.) |
Oil - consumption - per capita:
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2.25 bbl/year per capita |
Oil - exports:
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4,963 bbl/day (2006) |
Oil - imports:
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45,210 bbl/day (2006) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products |
Current account balance:
|
-$1.119 billion (2008 est.) |
Current account balance - per capita:
|
-155 USD per capita |
Exports:
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$4.55 billion (2008 est.) |
Exports per capita:
|
634 USD per capita |
Exports - commodities:
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offshore assembly exports, coffee, sugar, textiles and apparel, gold, ethanol, chemicals, electricity, iron and steel manufactures |
Exports - partners:
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US 51%, Guatemala 13.6%, Honduras 11.2%, Nicaragua 5.5% (2007) |
Imports:
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$9.75 billion (2008 est.) |
Imports per capita:
|
1,357 USD per capita |
Imports - commodities:
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raw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity |
Imports - partners:
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US 35.7%, Mexico 9.8%, Guatemala 8.5%, China 4.7% (2007) |
Reserves of foreign exchange and gold:
|
$2.541 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
354 USD per capita |
Debt - external:
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$9.422 billion (31 November 2008 est.) |
Debt - external - per capita:
|
1,312 USD per capita |
Stock of direct foreign investment - at home:
|
$6.693 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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932 USD per capita |
Stock of direct foreign investment - abroad:
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$366 million (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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51 USD per capita |
Market value of publicly traded shares:
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$6.743 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
939 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$267.6 million of which $55 million from US (2005) |
Economic aid - recipient per capita:
|
38 USD per capita |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar became El Salvador's currency in 2001 |
Fiscal year:
|
calendar year |
|
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