El Salvador: Staff Report for the 2004 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 271

Publication date: August 2005

ISBN: 9781451834758

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , staff appraisal , deficit , public sector deficit , Net international reserves , authority , preliminary data , dollarization regime , Public sector , International reserves , Current account balance , Central America , East Asia , Global

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Summary

This 2004 Article IV Consultation highlights that economic growth in El Salvador in recent years has been dampened by adverse external conditions, major earthquakes, and election-related uncertainties. Real GDP growth is estimated at about 1½ percent in 2004 while inflation picked up to more than 5 percent, owing to higher oil prices. The public sector deficit is expected to decline to 3 percent of GDP in 2004. Executive Directors have praised El Salvador’s long-standing record of structural reform and commitment to sound macroeconomic policies, and considered that official dollarization has served El Salvador well.