Weekly Report - 03 November 2011 (WR-11-44)

EL SALVADOR | Reducing growth. President Mauricio Funes announced this week that the growth forecast for 2011 had been cut to 1.4% from 2.1% due to the recent heavy rains which claimed 34 lives, resulted in nearly 60,000 people being evacuated, decimated some 10% of national territory and caused damage and losses worth an estimated US$840m. This represents 4% of GDP, which in 2010 reached US$21.79bn, according to World Bank figures. This is the second time El Salvador’s growth forecast has been adjusted this year, having previously been reduced from 2.5% in August as a result of the impact of the economic crisis in the US.

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