Ludwig von Mises Institute

El Salvador

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Country summary

Capital

San Salvador

Borders

Guatemala 203 km, Honduras 342 km

Government type

republic

Population

7,185,218 (July 2010 est.)[1]

Population growth

1.656% (2010 est.)[1]

Life expectancy

72.33 years[1]

Unemployment

7.2% (2009 est.)[1]

Index of Economic Freedom

32[2]

Corruption Perceptions Index

84[3]

Doing Business ranking

84[4]


El Salvador achieved independence from Spain in 1821 and from the Central American Federation in 1839. A 12-year civil war, which cost about 75,000 lives, was brought to a close in 1992 when the government and leftist rebels signed a treaty that provided for military and political reforms.[1]

Economical characteristics[edit]

  • Currency: U.S. dollar (ISO code: USD)
  • Central bank discount rate: [1]
  • Commercial banks lending rate: 12.33% (31 December 2008)[1]
  • Stock of money (M1): $213.7 million (31 December 2008)[1]
  • Quasi money (with M1 makes M2): $788.7 million (31 December 2008)[1]

Notable events:[edit]

  • Banking crisis: 1989, 1998[5]
  • Public default: 1828-1860, 1898, 1921-1922, 1932-1935, 1938-1946 (external), 1981-1996 (domestic)
  • Years in inflation: 3.5% (share of years 1838-2009 with annual inflation above 20 per cent per annum)[6]

Statistics[edit]

Statistic / Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP (million USD)[7] 12 465 13 134 13 813 14 307 15 047 15 798 17 070 18 654 20 373 22 115
Govt. debt (% of GDP)[8] 55.278 50.973 49.085 48.404 43.326 40.484 39.388
Govt. revenue (% of GDP)[9] 16.001 15.252 15.555 15.877 17.210 19.155 19.879
Govt. expenses (% of GDP)[10] 17.901 15.266 17.043 17.630 19.324 17.153 18.505
Debt to revenue (years) 3.455 3.342 3.155 3.049 2.518 2.113 1.981

References[edit]

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 CIA - The World Factbook. "El Salvador", from The World Factbook. Referenced 2010-09-30.
  2. ↑ Heritage Foundation. "El Salvador", Economic Freedom Score. A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  3. ↑ Transparency International. "El Salvador", Corruption Perceptions Index 2009. A lower ranking is better; but please note that the numbers cannot be compared between countries or years due to different methodology. Referenced 2010-09-30.
  4. ↑ Doing Business. "El Salvador", Doing Business 2010 (part of The World Bank Group). A lower ranking is better; but please be careful when comparing between different countries or years. Referenced 2010-09-30.
  5. ↑ Carmen M. Reinhart and Kenneth S. Rogoff. "This Time is Different", Princeton University Press, ISBN 978-0-691-14216-6, p. 361. (The list does not claim to be complete.) Referenced 2011-07-19.
  6. ↑ Carmen M. Reinhart. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises" (pdf), March 3, 2010, p. 45. (The list does not claim to be complete.) Referenced 2011-07-19.
  7. ↑ World Bank. "El Salvador: GDP", from World Bank Data. Referenced 2010-09-30.
  8. ↑ World Bank. "El Salvador: government debt", from World Bank Data. Referenced 2010-09-30.
  9. ↑ World Bank. "El Salvador: government revenue", from World Bank Data. Referenced 2010-09-30.
  10. ↑ World Bank. "El Salvador: government expenses", from World Bank Data. Referenced 2010-09-30.

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