The economy of El Salvador shrank 19.4 percent year-on-year in the second quarter of 2020, after growing 1 percent in the previous period. It was the sharpest contraction on record as the coronavirus pandemic hit the economy. Output shrank in wholesale & retail trade (-32.6% vs 1.7% in Q1); construction (-38.7% vs 5%); real estate (-5.9% vs 1.4%); education (-15.3% vs 0.2%); public administration & defense (-2.2% vs 1.8%); health (-2.3% vs 2.4%); and information & communications (-2.4% vs 0.1%). In addition, output contract further mainly in manufacturing (-34.3% vs -2.7%); hotels & restaurants (-50.5% vs -6.1%); transport (-26.3% vs -2.9%); professional services (-32.5% vs -9.1%); recreation activities (-54.4% vs -7.3%); agriculture, forestry & fishing (-3.6% vs -1.8%); and mining & quarrying (-28.9% vs -2.3%). On a quarterly basis, the GDP slumped 19 percent, following an upwardly revised 1 percent drop in the prior month.
GDP Annual Growth Rate in El Salvador averaged 3.09 percent from 1991 until 2019, reaching an all time high of 8.10 percent in the second quarter of 1995 and a record low of -2.60 percent in the third quarter of 2009. This page provides the latest reported value for - El Salvador GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. El Salvador GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Annual Growth Rate in El Salvador is expected to be -9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in El Salvador to stand at 14.00 in 12 months time. In the long-term, the El Salvador GDP Annual Growth Rate is projected to trend around 5.00 percent in 2021 and 2.30 percent in 2022, according to our econometric models.