El Salvador's Macroeconomic Analysis:
Nominal GDP of USD 34.0 billion in 2023.
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.
GDP per capita of USD 5,349 compared to the global average of USD 10,589.
Average real GDP growth of 2.4% over the last decade.
Average real GDP growth of 2.2% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in El Salvador
Annual GDP growth decelerated in Q2 due to slowdowns in both private and public spending. Turning to Q3, our panel expects economic growth to have strengthened, and available data backs this projection. Economic activity rose at a quicker pace relative to Q2 on the back of rebounding industrial output and a softer contraction in the construction sector. Additionally, merchandise export growth rose in Q3 from Q2. Heading into Q4, our Consensus is for GDP growth to hover around Q3’s projection, and October data is upbeat: Growth of both goods exports and remittances inflows gained significant momentum from Q3. In other news, in mid-November, El Salvador offered to buy back debt for the third time this year, thus reducing external debt and improving liquidity. These continued efforts prompted Moody’s to upgrade the country’s credit rating to ‘B3’ from ‘Caa1’ in late November.El Salvador Economic Forecasts
Projections out to 2034.41 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 20 expert analysts.
Want to get insight on the economic outlook for El Salvador in the coming years? FocusEconomics collects projections out to 2034 on 41 economic indicators for El Salvador from a panel of 20 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.