Ecuador Economic Outlook
May 17, 2016The economic consequences of the massive earthquake that hit Ecuador’s Pacific coast on 16 April will exacerbate struggles in an economy that is already suffering from low prices for oil, its key commodity export. The damage caused by the earthquake will likely lead to a steeper contraction in economic activity and increase already-elevated fiscal pressures. The government estimates that reconstruction costs will amount to 3.0% of GDP and announced an emergency package to help pay for the reconstruction. Measures include increases in several taxes, the possibility of privatizing state assets and issuance of new bonds. While the emergency package is expected to contain some of the mounting fiscal pressure on the government, it will likely drag on consumption and growth as it passes the burden on to the population.
Ecuador Economy Data
5 years of Ecuador economic forecasts for more than 30 economic indicators.
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Ecuador Economic Growth
May 17, 2016Ecuador’s economic outlook is bleak. The adverse impact of still-low oil prices on Ecuador’s economy coupled with the mounting bill following the earthquake, will cause Ecuador to fall into deep contraction this year. The analysts we surveyed this month cut the 2016 GDP forecast by 0.7 percentage points from last month’s forecast and now expect GDP to decrease 2.8%. Panelists see the economy just barely returning to growth in 2017 and recording a tepid 0.2% expansion.
Ecuador Economic News
Ecuador: Fallout from massive earthquake will restrain economic growth and increase fiscal pressures
May 12, 2016
A magnitude 7.8 earthquake hit large areas of Ecuador’s Pacific coast on 16 April with substantial effects on economic activity and devastating consequences for the country’s population.
May 12, 2016
In March, economic activity deteriorated, contracting 8.8% over the same month last year, according to the monthly indicator for economic activity (IDEAC, Índice de Actividad Económica Coyuntural).
May 5, 2016
In April, consumer prices increased 0.31% over the previous month, exceeding March’s rise of 0.14%.
April 11, 2016
In February, economic activity recovered, expanding 3.4% over the same month last year, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Economica Coyuntural).
April 6, 2016
In March, consumer prices rose 0.14% over the previous month, matching February’s reading.