The 2010 CIA World Factbook. United States. Central Intelligence Agency

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      name: "Himno Nacional de El Salvador" (National Anthem of El Salvador)

      lyrics/music: Juan Jose CANAS/Juan ABERLE

      note: officially adopted 1953, in use since 1879; the anthem of El Salvador is one of the world's longest

      Economy ::El Salvador

      Economy - overview:

      Despite being the smallest country geographically in Central America, El Salvador has the third largest economy in the region. The economy took a hit from the global recession and real GDP contracted by 3.5% in 2009. The economy began a slow recovery in 2010 on the back of improved export and remittances figures. Remittances accounted for 16% of GDP in 2009, and about a third of all households receive these transfers. In 2006 El Salvador was the first country to ratify the Dominican Republic-Central American Free Trade Agreement (CAFTA-DR), which has bolstered the export of processed foods, sugar, and ethanol, and supported investment in the apparel sector amid increased Asian competition and the expiration of the Multi-Fiber Agreement in 2005. El Salvador has promoted an open trade and investment environment, and has embarked on a wave of privatizations extending to telecom, electricity distribution, banking, and pension funds. In late 2006, the government and the Millennium Challenge Corporation signed a five-year, $461 million compact to stimulate economic growth and reduce poverty in the country's northern region, the primary conflict zone during the civil war, through investments in education, public services, enterprise development, and transportation infrastructure. With the adoption of the US dollar as its currency in 2001, El Salvador lost control over monetary policy. Any counter-cyclical policy response to the downturn must be through fiscal policy, which is constrained by legislative requirements for a two-thirds majority to approve any international financing.

      GDP (purchasing power parity):

      $43.98 billion (2010 est.) country comparison to the world: 94 $43.46 billion (2009 est.)

      $45.04 billion (2008 est.)

      note: data are in 2010 US dollars

      GDP (official exchange rate):

      $21.8 billion (2010 est.)

      GDP - real growth rate:

      1.2% (2010 est.) country comparison to the world: 174 −3.5% (2009 est.)

      2.4% (2008 est.)

      GDP - per capita (PPP):

      $7,300 (2010 est.) country comparison to the world: 129 $7,200 (2009 est.)

      $7,500 (2008 est.)

      note: data are in 2010 US dollars

      GDP - composition by sector:

      agriculture: 11%

      industry: 29.1%

      services: 59.9% (2010 est.)

      Labor force:

      2.94 million (2010 est.) country comparison to the world: 104

      Labor force - by occupation:

      agriculture: 19%

      industry: 23%

      services: 58% (2006 est.)

      Unemployment rate:

      7% (2010 est.) country comparison to the world: 72 7.2% (2009 est.)

      note: data are official rates; but the economy has much underemployment

      Population below poverty line:

      30.7% (2006 est.)

      Household income or consumption by percentage share:

      lowest 10%: 1%

      highest 10%: 37% (2005)

      Distribution of family income - Gini index:

      52.4 (2002) country comparison to the world: 18 52.5 (2001)

      Investment (gross fixed):

      13.7% of GDP (2010 est.) country comparison to the world: 140

      Public debt:

      55% of GDP (2010 est.) country comparison to the world: 45 52.3% of GDP (2009 est.)

      Inflation rate (consumer prices):

      0.8% (2010 est.) country comparison to the world: 16 −0.2% (2009)

      Commercial bank prime lending rate:

      12.33% (31 December 2008) country comparison to the world: 120 7.81% (31 December 2007)

      Stock of narrow money:

      $2.534 billion (31 December 2010 est) country comparison to the world: 117 $2.153 billion (31 December 2009 est)

      Stock of broad money:

      $9.666 billion (31 December 2010 est.) country comparison to the world: 101 $9.011 billion (31 December 2009 est.)

      Stock of domestic credit:

      $10.01 billion (31 December 2010 est.) country comparison to the world: 95 $9.867 billion (31 December 2009 est.)

      Market value of publicly traded shares:

      $4.432 billion (31 December 2009) country comparison to the world: 82 $4.656 billion (31 December 2008)

      $6.743 billion (31 December 2007)

      Agriculture - products:

      coffee, sugar, corn, rice, beans, oilseed, cotton, sorghum; beef, dairy products

      Industries:

      food processing, beverages, petroleum, chemicals, fertilizer, textiles, furniture, light metals

      Industrial production growth rate:

      0.9% (2010 est.) country comparison to the world: 149

      Electricity - production:

      5.559 billion kWh (2007 est.) country comparison to the world: 110

      Electricity - consumption:

      4.676 billion kWh (2007 est.) country comparison to the world: 111

      Electricity - exports:

      7 million kWh (2007 est.)

      Electricity - imports:

      38 million kWh (2007 est.)

      Oil - production:

      0 bbl/day (2008 est.) country comparison to the world: 179

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