El Salvador: GDP Up 2.4% in 2016

The 4.6% growth in activity in the agricultural sector accounted the most for the meager increase of 2.4% in GDP last year.
The Salvadoran economy has maintained its good economic performance, growing above historical averages, as at the end of 2016 growth of 2.4% was reported, while for 2017 it is expected that the rate will be 2.3%, according to the Central Bank. In addition to the preliminary results recorded in 2016 and the revision of 2015 data, the institution presented the economic growth projections for the years 2017-2019. 

An increase in household consumption and lower deficit of goods and services stimulated the growth of gross domestic product (GDP), reaching 2.4% in 2016, in addition to the good performance of the agricultural sector, trade, restaurants and hotels, the construction industry and manufacturing, said the President of the Central Reserve Bank, Dr. Óscar Cabrera at a press conference. The official also mentioned some external factors affecting growth in 2016 such as lower Hispanic unemployment in the US, increased flow of foreign direct investment (FDI) and an increase in the inflow of remittances, low international interest rates and high growth in Central America.

Source : CentralBankofElSalvador