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El Salvador Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











El Salvador Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 21,

Economy - overview:
Despite being the smallest country geographically in Central America, El Salvador has the third largest economy in the region. The economy took a hit from the global recession and real GDP contracted by 3.5% in 2009. The economy began a slow recovery in 2010 on the back of improved export and remittances figures. Remittances accounted for 17% of GDP in 2011, and about a third of all households receive these transfers. In 2006 El Salvador was the first country to ratify the Dominican Republic-Central American Free Trade Agreement (CAFTA-DR), which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition and the expiration of the Multi-Fiber Agreement in 2005. 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, the primary conflict zone during the civil war, through investments in education, public services, enterprise development, and transportation infrastructure. In 2011 the MCC granted El Salvador permission submit a second proposal for MCC funding. With the adoption of the US dollar as its currency in 2001, El Salvador lost control over monetary policy. Any counter-cyclical policy response to the downturn must be through fiscal policy, which is constrained by legislative requirements for a two-thirds majority to approve any international financing, and by already high levels of debt.

GDP (purchasing power parity):
$44.78 billion (2011 est.)
country comparison to the world: 96

$43.86 billion (2010 est.)
$43.25 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$22.6 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2% (2011 est.)
country comparison to the world: 152

1.4% (2010 est.)
-3.1% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,600 (2011 est.)
country comparison to the world: 125

$7,500 (2010 est.)
$7,400 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 11.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 30.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 58.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
2.577 million (2011 est.)
country comparison to the world: 110
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 19%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 58% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7% (2011 est.)
country comparison to the world: 77

7.2% (2010 est.)
note: data are official rates; but the economy has much underemployment
[see also: Unemployment rate country ranks ]

Population below poverty line:
37.8% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.3% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46.9 (2007)
country comparison to the world: 32

52.5 (2001)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
13.4% of GDP (2011 est.)
country comparison to the world: 172
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $4.376 billion
[see also: Budget revenues country ranks ]
expenditures: $5.217 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
19.4% of GDP (2011 est.)
country comparison to the world: 161
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.7% of GDP (2011 est.)
country comparison to the world: 117
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
52.8% of GDP (2011 est.)
country comparison to the world: 47

54.4% of GDP (2010 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5.3% (2011 est.)
country comparison to the world: 125

1.2% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
7% (31 December 2011 est.)
country comparison to the world: 129

7.62% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.899 billion (31 December 2011 est.)
country comparison to the world: 117

$2.527 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$10.17 billion (31 December 2011 est.)
country comparison to the world: 105

$9.388 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$10.34 billion (31 December 2011 est.)
country comparison to the world: 96

$10.04 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.227 billion (31 December 2010)
country comparison to the world: 84

$4.432 billion (31 December 2009)
$4.656 billion (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products

Industries:
food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals

Industrial production growth rate:
1.9% (2011 est.)
country comparison to the world: 129
[see also: Industrial production growth rate country ranks ]

Electricity - production:
5.445 billion kWh (2009 est.)
country comparison to the world: 111
[see also: Electricity - production country ranks ]

Electricity - consumption:
4.524 billion kWh (2009 est.)
country comparison to the world: 118
[see also: Electricity - consumption country ranks ]

Electricity - exports:
78.7 million kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
208.4 million kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
442.6 bbl/day (2010 est.)
country comparison to the world: 110
[see also: Oil - production country ranks ]

Oil - consumption:
47,000 bbl/day (2010 est.)
country comparison to the world: 103
[see also: Oil - consumption country ranks ]

Oil - exports:
3,825 bbl/day (2009 est.)
country comparison to the world: 108
[see also: Oil - exports country ranks ]

Oil - imports:
45,570 bbl/day (2009 est.)
country comparison to the world: 91
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 179
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2009 est.)
country comparison to the world: 174
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 94
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2009 est.)
country comparison to the world: 188
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2011 est.)
country comparison to the world: 134
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$1.288 billion (2011 est.)
country comparison to the world: 139

-$488.3 million (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$5.779 billion (2011 est.)
country comparison to the world: 108

$4.577 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
offshore assembly exports, coffee, sugar, textiles and apparel, gold, ethanol, chemicals, electricity, iron and steel manufactures

Exports - partners:
US 43.5%, Guatemala 14.2%, Honduras 13.6%, Nicaragua 5.6% (2010)

Imports:
$10.2 billion (2011 est.)
country comparison to the world: 95

$8.189 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
raw materials, consumer goods, capital goods, fuels, foodstuffs, petroleum, electricity

Imports - partners:
US 32.1%, Guatemala 11.5%, Mexico 8.2%, Honduras 5.2%, China 4.8% (2010)

Reserves of foreign exchange and gold:
$3.335 billion (31 December 2011 est.)
country comparison to the world: 99

$2.883 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.3 billion (31 December 2011 est.)
country comparison to the world: 87

$12.06 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$8.06 billion (31 December 2011 est.)
country comparison to the world: 83

$7.76 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$333 million (31 December 2010 est.)
country comparison to the world: 76

$333 million (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Colones per US dollar -

8.75 (2011 est.)
1 (2010 est.)
8.75 (2009)
note: end of period exchange rates for the official currency; the US dollar is used as a medium of exchange and circulates freely in the economy


NOTE: 1) The information regarding El Salvador on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of El Salvador Economy 2012 information contained here. All suggestions for corrections of any errors about El Salvador Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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