El Salvador - Economy
How is the economy of El Salvador? Based on the information we have, El Salvador has a 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. Key agricultural products in this country include: sugarcane, maize, milk, chicken, beans, sorghum, coconuts, oranges, eggs, yautia (2022).
More about the economy of El Salvador
Labor force 2.835 million (2022 est.)
Industrial production growth rate 2.82% (2022 est.)
Industries food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals
Population below poverty line 26.6% (2022 est.)
Taxes and other revenues 19.42% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Debt - external
Debt - external 2019 $17.24 billion (2019 est.)
Debt - external 2018 $16.712 billion (2018 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021 $3.426 billion (2021 est.)
Reserves of foreign exchange and gold 2020 $3.083 billion (2020 est.)
Reserves of foreign exchange and gold 2019 $4.446 billion (2019 est.)
Current account balance
Current account balance 2022 -$2.146 billion (2022 est.)
Current account balance 2021 -$1.272 billion (2021 est.)
Current account balance 2020 $403.054 million (2020 est.)
Public debt
Public debt 2021 65.55% of GDP (2021 est.)
Public debt 2020 70.36% of GDP (2020 est.)
Public debt 2019 53.88% 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.)
Remittances
Remittances 2022 23.68% of GDP (2022 est.)
Remittances 2021 25.38% of GDP (2021 est.)
Remittances 2020 23.79% of GDP (2020 est.)
Household income
Lowest 10% 1.9%
Highest 10% 28.7% (2022 est.)
Average household expenditures
On food 26.5% of household expenditures (2021 est.)
On alcohol and tobacco 0.5% of household expenditures (2021 est.)
Imports
Imports 2022 $18.07 billion (2022 est.)
Imports 2021 $15.459 billion (2021 est.)
Imports 2020 $10.398 billion (2020 est.)
Imports (partners) US 30%, China 16%, Guatemala 12%, Mexico 8%, Honduras 6% (2022)
Comodities Imports force refined petroleum, garments, natural gas, plastic products, plastics (2022)
Exports
Imports 2022 $18.07 billion (2022 est.)
Imports 2021 $15.459 billion (2021 est.)
Imports 2020 $10.398 billion (2020 est.)
Exports (partners) US 38%, Guatemala 16%, Honduras 16%, Nicaragua 7%, Costa Rica 4% (2022)
Comodities Exports force garments, plastic products, electrical capacitors, fabric, raw sugar (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022 $59.537 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $58.028 billion (2021 est.)
Real GDP (purchasing power parity) 2020 $52.195 billion (2020 est.)
GDP (official exchange rate) $32.489 billion (2022 est.)
Real GDP Per capita
Real GDP per capita 2022 $9,400 (2022 est.)
Real GDP per capita 2021 $9,200 (2021 est.)
Real GDP per capita 2020 $8,300 (2020 est.)
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.)
Unemployment rate
Unemployment rate 2022 3% (2022 est.)
Unemployment rate 2021 4.33% (2021 est.)
Unemployment rate 2020 5.01% (2020 est.)
Youth unemployment rate (ages 15-24)
Total 13.7% (2021 est.)
Male 11.3%
Female 18.3%
All Important Facts about El Salvador

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El Salvador is found in Central America