Measured by Gross Domestic Product (GDP) from the production perspective, 17 out of 19 economic activities posted positive performance. Among the standout sectors were Construction, surging at 22.8%, Electricity at 16.8%, Professional, Technical, and Scientific Services at 11.4%, Mining and Quarrying at 9.4%, Entertainment at 8.4%, Government Services at 6.7%, and Financial Services at 6.2%.
«The primary factors contributing to GDP growth in this period were the booming construction activity and its multiplier effect on related professions like engineering and architecture services, as well as the production chains associated with construction materials. This was further amplified by increased direct and indirect employment opportunities, combined with a diversified energy matrix and sustained service sector growth,» reported the BCR.
Additionally, the development of international surf tournaments and the XXIV Central American and Caribbean Games San Salvador 2023 had a significant impact, driving up demand for local products and services related to entertainment, hotels, restaurants, transportation, and other business support services.
Foreign Direct Investment (FDI) accumulated $262.6 million from January to June this year. The industry sector (beverages, non-metallic mineral products, and food) received $149 million, while the services sector (communications and electricity) received $115.9 million.
The primary source countries for this investment were Spain, Mexico, and the United States.
From an expenditure perspective, investment, public consumption, and private consumption were identified as the main drivers of economic activity, with growth rates of 4.2%, 5.3%, and 1.4%, respectively.
Likewise, there was a surge in investment directed towards constructing and renovating venues for various sporting events, infrastructure projects, municipal works, vertical apartment construction projects, residential projects, commercial and office infrastructure, among others.
Private consumption witnessed increased demand for air and road transportation, financial and telecommunications services, as well as food products, meats, beverages, pharmaceuticals, and more.
For the remainder of 2023, the Salvadoran government anticipates continued development in public and private investment projects, «which are expected to lead to a projected growth of 2.6% for the current year.»