Friday, 24 December 2021 04:13

El Salvador registered a GDP growth of 11.7% in the third quarter of 2021 and the projection remains at 10.3%.

Written by Evelyn Alas

The Banco Central de Reserva de El Salvador (BCR), provided an economic balance in which it announced that the Gross Domestic Product (GDP) in the country registered a growth of 11.7% in the third quarter of 2021.

This data reveals that El Salvador maintains a robust economic recovery of 10.3%, and expectations of 4% of the economy for 2022 are generated.

In addition, the five items that presented the highest economic growth are: Transportation and storage; public institutions services; restaurants and hotels; manufacturing industry and personal services.

The President of the Banco Central de Reserva de El Salvador, Douglas Rodriguez, highlights that the transportation and storage sector presented a growth of 31.6% in the third quarter of 2021. One of the factors is the greater mobility of people and cargo for international trade.

Rodriguez states that imports presented an annual growth of 30.4 %. This is due to a higher demand in consumer goods and there was a variation rate of 28.7%. Also, there is a 33 % difference in exports growth, compared to 2020 and 11 % compared to 2019.

Likewise, US$44 million in remittances were received with the use of the digital wallet Chivo Wallet and the transactions correspond to the months of september to november of this year.

The dynamics of productive activities such as the behavior of spending contribute to the increase in GDP, giving strength to this year's economic recovery.

He expressed that the development of private investment projects and public investment, such as the El Torogoz water treatment plant and the La Libertad bypass, are aspects that have contributed to the economic growth.