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El Salvador Economy




El Salvador    Economy Top of Page
Economy - overview: El Salvador is a struggling Central American economy which has been suffering from a weak tax collection system, factory closings, the aftermaths of Hurricane Mitch of 1998 and the devastating earthquakes of early 2001, and weak world coffee prices. On the bright side, in recent years inflation has fallen to single digit levels, and total exports have grown substantially. The trade deficit has been offset by remittances (an estimated $1.6 billion in 2000) from Salvadorans living abroad and by external aid. As of 1 January 2001, the US dollar was made legal tender alongside the colon.
GDP: purchasing power parity - $24 billion (2000 est.)
GDP - real growth rate: 2.5% (2000 est.)
GDP - per capita: purchasing power parity - $4,000 (2000 est.)
GDP - composition by sector: agriculture:  12%

industry:  28%

services:  60% (1999 est.)
Population below poverty line: 48% (1999 est.)
Household income or consumption by percentage share: lowest 10%:  1.2%

highest 10%:  38.3% (1995)
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 2.35 million (1999)
Labor force - by occupation: agriculture 30%, industry 15%, services 55% (1999 est.)
Unemployment rate: 10% (2000 est.)
Budget: revenues:  $1.8 billion

expenditures:  $2.2 billion, including capital expenditures of $NA (1999 est.)
Industries: food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals
Industrial production growth rate: 5% (2000 est.)
Electricity - production: 3.641 billion kWh (1999)
Electricity - production by source: fossil fuel:  45.65%

hydro:  41.01%

nuclear:  0%

other:  13.34% (1999)
Electricity - consumption: 3.638 billion kWh (1999)
Electricity - exports: 208 million kWh (1999)
Electricity - imports: 460 million kWh (1999)
Agriculture - products: coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; shrimp; beef, dairy products
Exports: $2.8 billion (f.o.b., 2000)
Exports - commodities: offshore assembly exports, coffee, sugar, shrimp, textiles, chemicals, electricity
Exports - partners: US 63%, Guatemala 11%, Honduras 7%, Costa Rica 4% (1999)
Imports: $4.6 billion (f.o.b., 2000)
Imports - commodities: raw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity
Imports - partners: US 52%, Guatemala 9%, Mexico 6%, Costa Rica 3% (1999)
Debt - external: $4.1 billion (2000 est.)
Economic aid - recipient: total $252 million; $57 million from US (1999 est.)
Currency: Salvadoran colon (SVC); US dollar (USD)
Currency code: SVC; USD
Exchange rates: Salvadoran colones per US dollar - 8.755 (fixed rate since 1993)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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