El Salvador - Economy
How is the economy of El Salvador? Based on the information we have, El Salvador has a upper-middle-income, dollarized Central American economy; reliant on remittances from US; recent growth linked to infrastructure investment, consumption, and crime reduction; $1.3 billion IMF loan to address fiscal imbalances; Bitcoin adopted as legal tender; persistent poverty and large informal sector. Key agricultural products in this country include: sugarcane, maize, milk, chicken, sorghum, beans, oranges, coconuts, eggs, mangoes/guavas (2023).
More about the economy of El Salvador
Labor force 2.89 million (2024 est.)
Industrial production growth rate 4.12% (2023 est.)
Industries food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals
Population below poverty line 26.6% (2022 est.)
Taxes and other revenues 20.6% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Debt - external
Debt - external 2023 $12.668 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $3.59 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $3.079 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $2.695 billion (2022 est.)
Current account balance
Current account balance 2023 -$465.688 million (2023 est.)
Current account balance 2022 -$2.182 billion (2022 est.)
Current account balance 2021 -$1.25 billion (2021 est.)
Public debt
Public debt 2023 101.7% of GDP (2023 est.)
Budget
Revenues $9.359 billion (2023 est.)
Expenditures $9.371 billion (2023 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 24.09% of GDP (2023 est.)
Remittances 2022 24.54% of GDP (2022 est.)
Remittances 2021 26.25% of GDP (2021 est.)
Household income
Lowest 10% 1.9% (2022 est.)
Highest 10% 28.7% (2022 est.)
Average household expenditures
On food 26.7% of household expenditures (2023 est.)
On alcohol and tobacco 0.5% of household expenditures (2023 est.)
Imports
Imports 2023 $17.032 billion (2023 est.)
Imports 2022 $18.184 billion (2022 est.)
Imports 2021 $15.483 billion (2021 est.)
Imports (partners) USA 28%, China 15%, Guatemala 11%, Mexico 8%, Honduras 5% (2023)
Comodities Imports force refined petroleum, natural gas, garments, packaged medicine, plastics (2023)
Exports
Imports 2023 $17.032 billion (2023 est.)
Imports 2022 $18.184 billion (2022 est.)
Imports 2021 $15.483 billion (2021 est.)
Exports (partners) USA 36%, Guatemala 17%, Honduras 15%, Nicaragua 8%, Costa Rica 5% (2023)
Comodities Exports force garments, plastic products, electrical capacitors, raw sugar, toilet paper (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $71.957 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $69.516 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $67.623 billion (2021 est.)
GDP (official exchange rate) $34.016 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $11,400 (2023 est.)
Real GDP per capita 2022 $11,100 (2022 est.)
Real GDP per capita 2021 $10,800 (2021 est.)
GDP - composition, by sector of origin
Agriculture 4.6% (2023 est.)
Industry 25% (2023 est.)
Services 59.8% (2023 est.)
GDP - composition, by end use
Household consumption 81.4% (2023 est.)
Government consumption 18% (2023 est.)
Investment in fixed capital 22% (2023 est.)
Investment in inventories -2.7% (2023 est.)
Exports of goods and services 31.1% (2023 est.)
Imports of goods and services -49.8% (2023 est.)
Unemployment rate
Unemployment rate 2024 2.8% (2024 est.)
Unemployment rate 2023 3% (2023 est.)
Unemployment rate 2022 3% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 6.7% (2024 est.)
Male 5.2% (2024 est.)
Female 9.5% (2024 est.)
All Important Facts about El Salvador

Want to know more about El Salvador? Check all different factbooks for El Salvador below.

El Salvador is found in Central America