Economy of El Salvador
Economy of El Salvador
Currency
1 Salvadoran colón (?) = 100
centavos; US dollar
circulates as legal tender
since January 1, 2001
Fiscal year
calendar year
Statistics
GDP
purchasing power parity
$45.34 billion (2008 est.)
GDP growth
3.2% (2008 est.)
GDP per capita purchasing power parity
$6,400 (2008 est.)
GDP by sector
agriculture: 11.2%; industry:
24.7%; services: 64.1%
(2008 est.)
Inflation (CPI)
1.3% (1999 est.)
Population
below poverty
line
30% (2004 est.)
Labour force
2.958 million (2008 est.)
Labour force
by occupation
agriculture: 30%; industry:
15%; services: 55%
Unemployment 6.3% (2008 est.)
Main
industries
food processing, beverages,
petroleum, chemicals,
fertilizer, textiles, furniture,
light metals
External
Exports
$4.55 billion (2008 est.)
Export goods
offshore assembly exports,
coffee, sugar, shrimp,
textiles, chemicals,
electricity
Main export
partners
US 51%, Guatemala 13.6%,
Honduras 11.2%, Nicaragua
5.5% (2007)
Imports
$9.75 billion (2008 est.)
Import goods
raw materials (such as
thread from US [1]),
consumer goods, capital
goods, fuels, foodstuffs,
petroleum, electricity
Main import
partners
US 51%, Mexico 9.8%,
Guatemala 8.5%, China 4.5%
(2007)
Gross External
Debt
$1.19 billion (2008 est.)
Public finances
Revenues
$1.5 billion
Expenses
$1.73 billion, including
capital expenditures of $NA
(1999)
Economic aid
total $252 million; $57
million from US (1999 est.)
All values, unless otherwise stated, are in US
dollars
Overview
The Salvadoran economy has experienced
significant results from the ARENA govern-
ment’s commitment to free market initiatives
and conservative fiscal management that in-
clude the privatization of the banking system,
telecommunications, public pensions, elec-
trical distribution, and some electrical gener-
ation, reduction of import duties, elimination
of price controls, and an improved enforce-
ment of intellectual property rights. The GDP
variable has been growing at a steady and
moderate pace since the signing of peace ac-
cords in 1992, in an envir