El Salvador's growth rate signals a new note of optimism
For most of the last 15 years, El Salvador has had the lowest economic growth rate in Central America, so the Central Bank's report on the first quarter set a fresh note of optimism with its report of a year-on-year 3.4 percent increase in the economy.
Private-sector demand has been fueling the increase, said Óscar Cabrera, the president of the Central Bank. So too was an increase in wages and also in remittances from emigrants.
Last year remittances topped $5 billion and projections for this year are higher.