El Salvador Socioeconomics

El Salvador's economy is around the 100th in the world based on income level and it is considered a lower-middle class economy. El Salvador has around 6.3 million people living inside of it. Between 2000 and 2023, Gross Domestic Product (GDP) grew at an average annual rate of 2.1 percent. Poverty has increased since COVID-19 by 26.8%, but the economy's growth reached 3.5%. El Salvador's current growth per capita is 9,597 but is projected to be 6,950.37 by 2029. El Salvador has many major exports such as petroleum, machinery, electronics, vehicles, and food. Petroleum is for gas, oils, mineral fuels, and distillation products. The machinery is for boilers and nuclear reactors. The United States produces about 30% of El Salvador's imports and China produces 17% of the imports. El Salvador's major exports include textiles, agricultural products, plastics, and electrical equipment. This includes knitted t-shirts, Jerseys, pullovers, and sweatshirts. Its agricultural exports are sugar, coffee, prepared food, and many others. El Salvador has big companies like Alba Alimentos, Unilever, and Nestle, which are just a few of the biggest companies in the country. El Salvador has seen poverty levels decline significantly since the 1990s to 2023. El Salvador uses USD from the United States but was also the first country to recognize Bitcoin as a currency. The people of El Salvador produce many fruits and vegetables, but they also produce cotton. Most of the vegetables and fruits are corn, sugarcane, coconut, tamarind, melon, watermelon, and mango. Overall, El Salvador's economy has experienced steady growth, with diverse exports and industries, but it continues to face challenges such as poverty and economic fluctuations.