Short facts about the economy in El Salvador
| 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) |
| Exchange
rates: |
Salvadoran colones per US dollar -
8.755 (fixed rate since 1993) |
| Fiscal
year: |
calendar year | Source: World Factbook |
