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:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)