El Salvador - Economy
How is the economy of El Salvador? Based on the information we have, El Salvador has a growth-challenged Central American economy buttressed via remittances; dense labor force; fairly aggressive COVID-19 stimulus plan; new and lower banking reserve requirements; earthquake, tropical storm, and crime disruptions; widespread corruption. Key agricultural products in this country include: sugarcane, maize, milk, chicken, beans, sorghum, coconuts, oranges, eggs, yautia (2022).
More about the economy of El Salvador
Labor force 2.87 million (2023 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 19.69% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Debt - external
Debt - external 2019 $17.24 billion (2019 est.)
Debt - external 2018 $16.712 billion (2018 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021 $3.426 billion (2021 est.)
Reserves of foreign exchange and gold 2020 $3.083 billion (2020 est.)
Reserves of foreign exchange and gold 2019 $4.446 billion (2019 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 2021 66.47% of GDP (2021 est.)
Budget
Revenues $6.448 billion (2019 est.)
Expenditures $7.273 billion (2019 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 23.94% of GDP (2023 est.)
Remittances 2022 24.05% of GDP (2022 est.)
Remittances 2021 25.74% of GDP (2021 est.)
Household income
Lowest 10% 1.9% (2022 est.)
Highest 10% 28.7% (2022 est.)
Average household expenditures
On food 26.5% of household expenditures (2021 est.)
On alcohol and tobacco 0.5% of household expenditures (2021 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) US 30%, China 16%, Guatemala 12%, Mexico 8%, Honduras 6% (2022)
Comodities Imports force refined petroleum, garments, natural gas, plastic products, plastics (2022)
Exports
Imports 2023 $17.032 billion (2023 est.)
Imports 2022 $18.184 billion (2022 est.)
Imports 2021 $15.483 billion (2021 est.)
Exports (partners) US 38%, Guatemala 16%, Honduras 16%, Nicaragua 7%, Costa Rica 4% (2022)
Comodities Exports force garments, plastic products, electrical capacitors, fabric, raw sugar (2022)
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 $11,300 (2023 est.)
Real GDP per capita 2022 $11,000 (2022 est.)
Real GDP per capita 2021 $10,700 (2021 est.)
GDP - composition, by sector of origin
Agriculture 12% (2017 est.)
Industry 27.7% (2017 est.)
Services 60.3% (2017 est.)
GDP - composition, by end use
Household consumption 84.5% (2017 est.)
Government consumption 15.8% (2017 est.)
Investment in fixed capital 16.9% (2017 est.)
Investment in inventories 0% (2017 est.)
Exports of goods and services 27.6% (2017 est.)
Imports of goods and services -44.9% (2017 est.)
Unemployment rate
Unemployment rate 2023 2.76% (2023 est.)
Unemployment rate 2022 3% (2022 est.)
Unemployment rate 2021 4.33% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 7.2% (2023 est.)
Male 5.3% (2023 est.)
Female 10.8% (2023 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