El Salvador has recorded its lowest unemployment level in nearly two decades, with more than 20,700 Salvadorans leaving joblessness in 2024, according to the latest Household Survey of Multiple Purposes (EHPM).

Data published by the Central Reserve Bank (BCR) shows that 140,622 people were unemployed last year, a reduction of 12.8% compared to the 161,400 individuals registered in 2023. This is the lowest figure since 2008, when 146,858 Salvadorans were reported as unemployed.

The unemployment rate closed 2024 at 4.65%, the smallest percentage documented in the BCR’s historical records dating back to 2005. For most of the period between 2005 and 2022, unemployment hovered between 7.2% and 6.2%, before dropping to 5.22% in 2023.

Economic observers note that the labor market has shown its strongest recovery of the last decade. One labor policy analyst highlighted that “El Salvador is experiencing a positive shift in employment dynamics that stands out even by regional standards.”

Historically, only in 2015 and 2020 did the country’s unemployment figures surpass 200,000 individuals, making the current trend a significant milestone for the Salvadoran economy.