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$3.5 million remittances have little impact on El Salvador

Monday, January 14, 2013

El Salvador is the fourth largest receiver of remittances in Latin America, totaling $3.52 billion from January to November last year, according to the country's central bank.

The amount is 31 times more than the foreign direct investment El Salvador received from January to June last year, and is 16 percent of the country's gross domestic product.

Despite the income of remittances, the economy of El Salvador shows no signs of growing, due to the fact that most of the products people buy are imported, suggests Lilian Vega, director of the Economics department at the José Simeón Cañas University.

Full story (in Spanish)