Service sector dominates El Salvador's economy

Over the last 15 years, El Salvador's economy has become predominantly service-based, according to the national census.

Tuesday, May 13, 2008

Primary and secondary production no longer hold sway, the census shows. Some 37.6 percent of the nations jobs are now in services and a further 22.3 percent in commerce. Farming accounts for 16.6 percent of employment, industry 15.8 percent, and construction 7.6 percent.
Economic analyst Claudio de Rosa said the switch to services means higher living standards for Salvadorans. The change has been made possible by higher standards of education, he added.

More on this topic

El Salvador Today According to FUSADES

May 2011

The Economic Situation Report at the end of the first quarter of 2011 states: Economic growth is still slow and fragile.

The global economic recovery continues, although there are still some weaknesses in the international financial condition. A 4.4% expansion is projected for 2011.

El Salvador's Saca under fire on both sides

June 2008

President Antonio Saca of El Salvador headed into his last year in office under fire from both sides of the political spectrum.

Luis Membreño, an economist, said the government had lost its way after a "sound approach" in its early years that led to the recovery of economic growth and a much-needed tax reform.

El Salvador's GDP per person surges to US$3,574

May 2008

El Salvador's GDP per inhabitant rose to US$3,574 last year, largely because the population turned out to be smaller than expected.

The nation's GDP in 2007 came to US$20.37 billion, and the population was estimated by the census at 5.7 million.
The new figure for GDP per inhabitant brings El Salvador to within US$22 of being classified as a nation of medium to high personal income.

Labor shortages boost wages in region

April 2008

Competition is heating up in Central America for labor in sectors such as agriculture, construction and domestic service.

Wages are increasing rapidly because of the shortage in Panama, Costa Rica and El Salvador.
In Panama and Costa Rica alone, some 300,000 workers need to be imported for harvests and the modernization of the Panama Canal, according to the World Migration Organization.

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