Economy
San Salvador is not only the capital of El Salvador, but also the premier city in the country. The metropolitan area accounts for only 3% of the national territory, yet 70% of public and private investment is made there. The economy of San Salvador, Antiguo Cuscatlán, and Santa Tecla is a mixed one composed mainly of services, private education, banking, business headquartering, and industrial manufacturing. Other municipalities in the metropolitan area depend either on industry, like Soyapango and Ilopango, on public services, like Mejicanos, or on power generation, as in Nejapa and Apopa. The other municipalities have not developed their own economies, and provide work forces for industry in neighboring municipalities.
San Salvador, as well as the rest of the country, has used the U.S. dollar as its currency of exchange since 2001. This has been a boon to the Salvadoran economy, as it encourages foreign investors to launch new companies in El Salvador, saving them the inconvenience of conversion to other currencies. San Salvador's economy is based more on the service sector and retailing, than on industry or manufacturing.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)