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For the first semester of 2024, the indicators of the salvadoran financial system show solid growth, according to the Banco Central de Reserva (BCR). In the financial sector, growth was especially notable. It reached an inter-annual variation of 9.7% in june, consolidating itself as the economic segment with the greatest expansion within the Salvadoran economy.
According to the Asociación Bancaria Salvadoreña (ABANSA), the Economic Activity Volume Index (IVAE) showed an inter-annual growth of 0.03% as of May 2024. Despite this low dynamism, the financial sectors maintained a positive performance thanks to the increased demand for credit and the confidence of savers.
The balance of loans showed a year-on-year increase of more than US$897 million, representing growth of 5.6%. Deposits also recorded a significant increase, equivalent to a 4.8% year-on-year growth. This performance reflects a recovery trend compared to the deceleration observed in the last months of 2023.
Despite this slowdown at the end of last year, experts project that, with the continued increase in deposits and loans, this upward trend will continue. The financial sector remains a key driver of the economy, driving both investment and consumption.
The strengthening of the financial system and the dynamism of loans and deposits are expected to contribute to a more favorable economic environment in the coming months, generating greater confidence among economic agents.
