Flag description:
three equal horizontal bands of blue (top), white, and blue with
the national coat of arms centered in the white band; the coat of
arms features a round emblem encircled by the words REPUBLICA DE EL
SALVADOR EN LA AMERICA CENTRAL; similar to the flag of Nicaragua,
which has a different coat of arms centered in the white band - it
features a triangle encircled by the words REPUBLICA DE NICARAGUA on
top and AMERICA CENTRAL on the bottom; also similar to the flag of
Honduras, which has five blue stars arranged in an X pattern
centered in the white band
Economy El Salvador
Economy - overview:
The smallest country in Central America, El Salvador has the third
largest economy, but growth has been minimal in recent years. Hoping
to stimulate the sluggish economy, the government is striving to
open new export markets, encourage foreign investment, and modernize
the tax and healthcare systems. Implementation in 2006 of the
Central America-Dominican Republic Free Trade Agreement, which El
Salvador was the first to ratify, has strenthened an already
positive export trend. The trade deficit has been offset by annual
remittances from Salvadorans living abroad - equivalent to more than
15% of GDP - and external aid. With the adoption of the US dollar as
its currency in 2001, El Salvador has lost control over monetary
policy and must concentrate on maintaining a disciplined fiscal
policy. The current government has pursued economic diversification,
with some success in promoting textile production, international
port services, and tourism. It is committed to opening the economy
to trade and investment, and has embarked on a wave of
privatizations extending to telecom, electricity distribution,
banking, and pension funds.
GDP (purchasing power parity):
$33.2 billion (2006 est.)
GDP (official exchange rate):
$15.14 billion (2006 est.)
GDP - real growth rate:
4% (2006 est.)
GDP - per capita (PPP):
$4,900 (2006 est.)
GDP - composition by sector: agriculture: 9.7% industry: 29.6% services: 60.7% (2006 est.)
Labor force: 2.856 million (2006 est.)
Labor force - by occupation: agriculture: 17.1% industry: 17.1% services: 65.8% (2003 est.)