Thursday, 18 November 2021 00:13

Salvadoran economy to grow at 10.3% according to BCR

Written by Evelyn Alas

The President of the Banco Central de Reserva (BCR), Douglas Rodriguez gave a press conference to inform about the new economic growth projection for El Salvador 2021 and the results of foreign trade and remittances, as of october of this year.

The head of the BCR expressed that the growth of the salvadoran economy will be of 10.3% and stated that the Gross Domestic Product (GDP) of El Salvador is growing due to actions that have been implemented together with the Central Government.

The results of foreign trade as of october 2021, reports that El Salvador's exports registered a growth of 34% with respect to 2020, and 10% with respect to 2019.

During 2019 imports were US$4,955 million, in 2020 they dropped to US$4,101 million and from january to october 2021 they rose to US$5,494 million.

He also detailed that imports were higher in all categories, with imports of capital goods registering the highest increase, especially equipment and technology for clean energy generation.

Finally, the president of the BCR detailed that family remittances in El Salvador totaled US$6.11 billion, registering an increase of 29% with respect to the period january to october 2020. The same also exceeded those received in the same period of 2019 by 32%.

In 2019 family remittances were US$4,646, in 2020 they were US$4,759 million and from january to october 2021 they rose to US$6,110 million.