El Salvador's economy in numbers:
Nominal GDP of USD 32.5 billion in 2022.
GDP per capita of USD 5,128 compared to the global average of USD 10,589.
Average real GDP growth of 2.2% over the last decade.
Share of the region's population
Economic structure:
In 2021, services accounted for 71% of overall GDP, manufacturing 15%, other industrial activity 9%, and agriculture 5%. Looking at GDP by expenditure, private consumption accounted for 83% of GDP in 2021, government consumption 20%, fixed investment 22%, and net exports -25%.
GDP by economic sector
GDP by type of expenditure
International trade:
In 2021, manufactured products made up 75% of total merchandise exports, mineral fuels 4%, food 19%, ores and metals 1% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 66% of total merchandise imports, mineral fuels 13%, food 18%, ores and metals 1% and agricultural raw materials 2%, with other goods accounting for 0% of the total. Total exports were worth USD 6 billion in 2022, while total imports were USD 15 billion.
Key exports
Key imports
Key export partners
Key import partners
Economic growth:
The economy recorded average annual growth of 2.2% in the decade to 2022. To read more about GDP growth in El Salvador, go to our dedicated page.
Fiscal policy:
El Salvador's fiscal deficit averaged 4.0% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 6.4% in the decade to 2022. For more information on El Salvador's unemployment click here.
Inflation:
Inflation averaged 1.5% in the decade to 2022. Go to our El Salvador inflation page for extra insight.
Exchange Rate:
From end-2012 to end-2022 the US dollar weakened by 1.1% vs the U.S. dollar. For more info on the US dollar, click here.
Year-on-year GDP growth halved in Q1 2024 from Q4 2023 due to a deceleration in exports and a contraction in fixed investment. That said, both private and public consumption grew at faster clips. Turning to Q2, our panelists expect the economy to broadly match Q1’s pace of expansion, though available data is downbeat. Economic activity growth slowed in April–May from Q1, hampered by weaker momentum in the agriculture and construction sectors. That said, external sector data is more optimistic: Both merchandise exports and remittances inflows rebounded in Q2 from Q1. In other news, in early July, the Parliament approved three budget amendments worth USD 17 million, bringing the number of revisions so far this year to 26. These moves underscore a lack of planning and the government’s ability to pass amendments at will with limited scrutiny.
Projections out to 2033.
40 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 21 expert analysts.
Want to get insight on the economic outlook for El Salvador in the coming years? FocusEconomics collects projections out to 2033 on 40 economic indicators for El Salvador from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts'projections with timely written analysis from our in-house team of economists on the latest developments in the El Salvador economy.To download a sample report on the El Salvador's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.
