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World > North America > El Salvador > Economy (Facts)

El Salvador - Economy (Facts)
Economy - overview: The smallest country in Central America, El Salvador has the third largest economy, but growth has been minimal in recent years. Hoping to stimulate the sluggish economy, the government is striving to open new export markets, encourage foreign investment, and modernize the tax and healthcare systems. Implementation in 2006 of the Central America-Dominican Republic Free Trade Agreement, which El Salvador was the first to ratify, has strengthened an already positive export trend. The trade deficit has been offset by annual remittances from Salvadorans living abroad - equivalent to more than 16% of GDP - and external aid. With the adoption of the US dollar as its currency in 2001, El Salvador has lost control over monetary policy and must concentrate on maintaining a disciplined fiscal policy. The current government has pursued economic diversification, with some success in promoting textile production, international port services, and tourism. It is committed to opening the economy to trade and investment, and has embarked on a wave of privatizations extending to telecom, electricity distribution, banking, and pension funds.
GDP - real growth rate: 4.2% (2006 est.)
GDP (purchasing power parity): $33.68 billion (2006 est.)
GDP (official exchange rate): $15.16 billion (2006 est.)
GDP - per capita (PPP): $4,900 (2006 est.)
GDP - composition by sector: agriculture: 9.7%
industry: 29.6%
services: 60.7% (2006 est.)
Population below poverty line: 35.2% (2005 est.)
Household income or consumption by percentage share: lowest 10%: 0.67%
highest 10%: 38.76% (2002)
Inflation rate (consumer prices): 4.9% (2006 est.)
Labor force: 2.856 million (2006 est.)
Labor force - by occupation: agriculture: 17.1%
industry: 17.1%
services: 65.8% (2003 est.)
Unemployment rate: 6% official rate; but the economy has much underemployment (2006 est.)
Budget: revenues: $2.82 billion
expenditures: $2.94 billion; including capital expenditures of NA (FY07 est.)
Industries: food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals
Industrial production growth rate: 2% (2006 est.)
Electricity - production: 5.293 billion kWh (2006)
Electricity - consumption: 5.204 billion kWh (2006)
Electricity - exports: 95.5 million kWh (2006)
Electricity - imports: 11.2 million kWh (2006)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 43,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products; shrimp
Exports: $3.686 billion (2006 est.)
Exports - commodities: offshore assembly exports, coffee, sugar, shrimp, textiles, chemicals, electricity
Exports - partners: US 49.8%, Guatemala 14.4%, Honduras 8.9%, Nicaragua 5.1% (2006)
Imports: $7.326 billion (2006 est.)
Imports - commodities: raw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity
Imports - partners: US 30.6%, Guatemala 8.8%, Mexico 8.5%, Germany 6%, China 4.5%, Brazil 4.2% (2006)
Debt - external: $8.841 billion (30 June 2006 est.)
Economic aid - recipient: $127.5 million of which, $55 million from US (2005)
Currency: El Salvador Colon (SVC)
Currency code: SVC
Exchange rates: the US dollar became El Salvador's currency in 2001
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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