El Salvador GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

1.2

Units In

2.1

Frequency

Quarterly

Next Release

Dec 20, 2024

Time to Release

2 Months 14 Days 17 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

El Salvador's economy grew by 1.44% in the second quarter of 2024, marking its slowest pace since Q4 2020. Net foreign demand slowed slightly (18.19% vs. 18.21% in Q1), while imports surged (7.71% vs. 2.74%). From a spending perspective, gross fixed capital formation contracted more sharply (-6.12% vs. -0.12%), while growth in household consumption (2.85% vs. 4.74%) and government spending (1.37% vs. 8.0%) decelerated. On a quarterly basis, the economy expanded by 0.34%, up from the upwardly revised 0.04% growth in the previous quarter.