Thursday, 08 February 2024 00:59

Volume of Economic Activity grew 4.6% annually in november 2023

Written by Karla Gutiérrez

The Banco Central de Reserva (BCR) reported that El Salvador's economic activity continues to expand. This is reflected in the Volumen de la Actividad Económica (IVAE), which grew 4.6% annually in november 2023.

The economic activities that showed a greater dynamism in november 2023 were: Construction with 18.3%, financial services with 16.4%, commerce, transportation, hotels, restaurants with 7.2%; professional and technical services with 5.8% and communications with 2.8%. 

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According to the BCR, the strategies implemented by the Government of El Salvador boosted the factors that influenced the positive behavior of the IVAE: Miss Universe El Salvador 2023, increase in tourism, increase in public and private investment.

Likewise, the BCR reported that, according to the measurement of GDP from the approach of production of all goods and services, 17 of the 19 economic activities registered a positive behavior, among which stood out: Construction, electricity, professional, technical and scientific services, mines and quarries, recreation, government services, and financial services.

The main factors that contributed to GDP growth in this period were: The boom in construction activity and its multiplier effect on related activities such as professional engineering and architectural services, as well as the production chains associated with the manufacture of construction materials and the increase in direct and indirect employment, in addition to the diversification of the energy matrix and the sustained growth of services.

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Translated by: A.M