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El Salvador Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











El Salvador Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 20, 2013

Economy - overview:
The smallest country in Central America geographically, El Salvador has the third largest economy in the region. With the global recession in 2009, real GDP contracted by 3.1%. The economy slowed even further during 2010-12. Remittances accounted for 17% of GDP in 2011 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 (CAFTA-DR), which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition. 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. The Salvadoran Government maintained fiscal discipline during post-war reconstruction and reconstruction following earthquakes in 2001 and hurricanes in 1998 and 2005. Taxes levied by the government include a value added tax (VAT) of 13%, income tax of 30%, excise taxes on alcohol and cigarettes, and import duties. The VAT accounted for about 51.7% of total tax revenues in 2011. El Salvador's external debt amounts to about one-fourth of GDP. In 2012, El Salvador successfully completed a $461 million compact with the Millennium Challenge Corporation (MCC) - a United States Government agency aimed at stimulating economic growth and reducing 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 December 2011, the MCC approved El Salvador's eligibility to develop a proposal for a program for consideration.

GDP (purchasing power parity):
$45.98 billion (2012 est.)
country comparison to the world: 98

$45.3 billion (2011 est.)
$44.67 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$23.99 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2012 est.)
country comparison to the world: 150

1.4% (2011 est.)
1.4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,700 (2012 est.)
country comparison to the world: 132

$7,700 (2011 est.)
$7,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 10.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 30%
services: 59.4% (2012 est.)

Labor force:
2.593 million (2012 est.)
country comparison to the world: 111
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 21%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
services: 58% (2011 est.)

Unemployment rate:
6.9% (2012 est.)
country comparison to the world: 77

7% (2011 est.)
note: data are official rates; but the economy has much underemployment
[see also: Unemployment rate country ranks ]

Population below poverty line:
36.5% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 37% (2009 est.)

Distribution of family income - Gini index:
46.9 (2007)
country comparison to the world: 31

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

Investment (gross fixed):
14.7% of GDP (2012 est.)
country comparison to the world: 137
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $4.835 billion
[see also: Budget revenues country ranks ]
expenditures: $5.534 billion (2012 est.)

Taxes and other revenues:
20.2% of GDP (2012 est.)
country comparison to the world: 160
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.9% of GDP (2012 est.)
country comparison to the world: 98
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
57.4% of GDP (2012 est.)
country comparison to the world: 50

57.5% of GDP (2011 est.)
note: El Salvador's total public debt includes non-financial public sector debt, financial public sector debt, and central bank debt.
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 47

5.1% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
6.2% (31 December 2012 est.)
country comparison to the world: 143

5.99% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.942 billion (31 December 2012 est.)
country comparison to the world: 117

$2.561 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.527 billion (31 December 2012 est.)
country comparison to the world: 110

$9.213 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$11.11 billion (31 December 2012 est.)
country comparison to the world: 94

$10.69 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.474 billion (31 December 2011)
country comparison to the world: 84

$4.227 billion (31 December 2010)
$4.432 billion (31 December 2009)
[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:
1.8% (2011 est.)
country comparison to the world: 128
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$1.035 billion (2012 est.)
country comparison to the world: 112

-$1.223 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$5.804 billion (2012 est.)
country comparison to the world: 109

$5.402 billion (2011 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 45.1%, Guatemala 13.3%, Honduras 8.6%, Nicaragua 5.2%, Germany 4.1% (2011)

Imports:
$10.44 billion (2012 est.)
country comparison to the world: 94

$9.801 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 39%, Guatemala 9.8%, Mexico 7.7%, China 5.2% (2011)

Reserves of foreign exchange and gold:
$2.623 billion (31 December 2012 est.)
country comparison to the world: 114

$2.504 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$12.84 billion (31 December 2012 est.)
country comparison to the world: 86

$12.18 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$8.747 billion (31 December 2012 est.)
country comparison to the world: 84

$8.097 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$12.4 million (31 December 2012 est.)
country comparison to the world: 90

$12.4 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
note: the US dollar is used as a medium of exchange and circulates freely in the economy, 1 (2012 est.)

Fiscal year:
calendar year


NOTE: 1) The information regarding El Salvador on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of El Salvador Economy 2013 information contained here. All suggestions for corrections of any errors about El Salvador Economy 2013 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 11-Mar-13
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