Is El Salvador a wealthy country?
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 2014, but recovered somewhat in 2015-17 with an average annual growth rate of 2.4%. Remittances accounted for approximately 18% of GDP in 2017 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, which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition. In September 2015, El Salvador kicked off a five-year $277 million second compact with the Millennium Challenge Corporation - a US Government agency aimed at stimulating economic growth and reducing poverty - to improve El Salvador's competitiveness and productivity in international markets.
The Salvadoran Government maintained fiscal discipline during reconstruction and rebuilding following earthquakes in 2001 and hurricanes in 1998 and 2005, but El Salvador's public debt, estimated at 59.3% of GDP in 2017, has been growing over the last several years.
What is the GDP of El Salvador?
|Currency Name and Code||US Dollar (USD)|
|GDP - Gross Domestic Product (PPP)||$52,260,000,000 (USD)|
|GDP - official exchange rate||$26,610,000,000 (USD)|
|GDP - real growth rate||2.4%|
|GDP Per Capita||$8,900.00 (USD)|
|GDP by Sector- agriculture||10.6%|
|GDP by Sector- Industry||25.3%|
|GDP by Sector- services||64.1%|
|GDP - composition, by end use||
household consumption: 91.5%
government consumption: 12.3%
investment in fixed capital: 14.4%
investment in inventories: -0.1%
exports of goods and services: 26.2%
imports of goods and services: -44.3%
|Population Below Poverty Line||36.5%|
|Labor Force By Occupation- agriculture||21%|
|Labor Force By Occupation- industry||20%|
|Labor Force By Occupation- services||58%|
|Unemployment - note||data are official rates; but underemployment is high|
|Fiscal Year||calendar year|
|Annual Budget||$5,443,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-3.3%|
|Public Debt (% of GDP)||64.9%|
|Taxes and other revenues - percent of GDP||20.5%|
|Major Industries||food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals|
|Industrial Growth Rate||2.4%|
|Agriculture Products||coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products|
|Child Labor - % of children ages 5-14||4%|
|Child Labor - # of children ages 5-14||179,303|
|Child Labor - note||note: data represents children ages 5-17|
|Commercial Bank Prime Lending Rate||6.3%|