El Salvador GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

1.2

Units In

2.1

Frequency

Quarterly

Next Release

Jul 01, 2024

Time to Release

3 Months 7 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
25.3 Jun 2021	-19.76 Jun 2020	2.95 %	1991-2022	Central Reserve Bank of El Salvador

The most important sector of El Salvador economy is services which accounts for 66 percent of total GDP, including internal trade (14 percent); real estate activities (8 percent); public administration (8 percent); finance and insurance (7 percent) and education (5 percent). Industry constitutes 27 percent of total wealth, with the largest shares for manufacturing (18 percent), construction (6 percent) and utilities (3 percent). Also, agriculture, livestock, forestry and fishing sector accounts for 6 percent of GDP. On the expenditure side, household consumption is the main component of GDP (85 percent), followed by gross fixed capital formation and government spending (16 percent each). Exports of goods and services represent 28 percent of GDP while imports account for 45 percent, subtracting 17 percent of total GDP.

Latest Updates

The economy of El Salvador grew by 4.5 percent in the fourth quarter of 2023, the most since the third quarter of 2021. Trade grew for net foreign demand (14.5 vs 6.2 percent in Q3) and imports (3 percent vs 2 percent). From the spending perspective, the pace of growth accelerated for gross fixed capital formation (8.6 percent vs 6.1 percent), while growth slowed for household consumption (4 percent vs 4.6 percent). and government expenditure (0.2 percent vs 0.3 percent). On a quarterly basis, the economy grew by 1.6 percent compared to a downwardly revised 0.5 percent decline in the prior quarter.