1945

For the third consecutive year, economic growth slowed in El Salvador. With real gross domestic product (GDP) increasing by a mere 2%, per capita GDP remained practically flat. The expansion of domestic demand was limited, but income from abroad, in contrast, increased substantially as both family remittances -equivalent to 13% of GDP- and exports of goods rose. Imports, however, also climbed strongly, and at the same time there was a substantial deterioration in the terms of trade, widening the current-account deficit to 3% of GDP. Increased public spending also expanded the fiscal gap. Year-on-year inflation rose by 4.3% after being negative in 1999, while the open unemployment rate dipped slightly and real wages fell.

Related Subject(s): Economic and Social Development
Countries: El Salvador
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