El Salvador’s GDP previously grew by more than 10 percent in 2021, Salvador’s President Nayib Bukele previously announced.
The adoption of Bitcoin (BTC) in El Salvador as a legal tender in September 2021 led to significant growth not only in its gross domestic product (GDP) but also in local tourism development.
As per Salvador Tourism Minister Morena Valdez, the tourism industry in El Salvador has grown by more than 30% since the Bitcoin Act was passed in September 2021.
“We conducted a poll to check the activity before and after Bitcoin. Tourism flourished during the months of November and December. It has risen by more than 30 percent, ”Valdez further said in an interview with local news agency El Salvador News English on Monday.
Valdez said that El Salvador’s bitcoin adoption has affected the influx of tourists and increased the number of tourists coming from the US. Before the enactment of the Bitcoin Act, Central American Isthmus attracted large numbers of visitors from neighbouring countries. She said currently 60% of tourists come from America.
El Salvador’s tourism growth has exceeded government expectations, with 1.4 million visitors coming in instead of 1.1 million, the minister said.
“We estimated $800,000 in foreign exchange, but we earned more than $1,400 million in foreign currency,” Valdez said.
The news came soon after El Salvador’s President Nayib Bukele announced that GDP would grow by 10.3% in 2021. Exports being the main driver of economic growth, grew by 13% in January 2022.
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