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North & Central America and Caribbean
El Salvador |
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Last reviewed: 08 June 2009 |
Country information
Economy
Basic economic facts
Nominal GDP: US$ 22.4 billion (2008 IMF estimate)
Nominal GDP per head: US$ 3,155 (2008 IMF est)
Annual growth: 3.0% (2008 IMF est)
Inflation: 6.2% (2008 IMF est)
Major industries: Offshore assembly exports, coffee, sugar, shrimps
Export partners: US 51%, Guatemala 13.6%, Honduras 11.2%, Nicaragua 5.5% (2007 CIA world
factbook)
Import partners: US 35.7%, Mexico 9.8%, Guatemala 8.5%, China 4.7% (2007 CIA world factbook)
El Salvador's economy has undergone a transformation, moving from an agricultural economy, centred around coffee production, to a largely services-based economy focusing on commerce and financial services. In the past 10 years manufacturing has also grown, thanks mainly to the development of the industries dealing with offshore assembly for re-export. Inflation is increasing. Economic growth is forecast to decline in 2009 due to the global slowdown and to El Salvador's dependence on US exports and remittances from the US. El Salvador leads the region in remittances per capita with income equivalent to nearly all export income.
