Ecuador Economic Outlook
January 19, 2016Ecuador’s slump continued into the third quarter of 2015, with the economy contracting 0.8% on a yearly basis, which contrasted the 0.7% increase registered in Q2. The fall was a result of across-the-board decreases in domestic demand components as the economy is beginning to adjust to new global commodity price dynamics. Government revenues have dried up and the hit is now being passed on to the wider economy via cuts to public spending. To make matters worse, international courts have ordered Ecuador to pay USD 980 million to an oil company which had property seized in 2006. The country had already struggled to repay USD 650 million to bond holders in December—its first full repayment in 183 years. The government has turned to China in order to borrow money and close gaps in the 2016 budget through a series of loans amounting to approximately USD 10.5 billion.
Ecuador Economy Data
5 years of Ecuador economic forecasts for more than 30 economic indicators.
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Ecuador Economic Growth
January 19, 2016Investment in Ecuador has dried up as public money has shifted toward immediate consumption while the government struggles to stay afloat. This will impact future output even after oil prices finally recover. Panelists participating in the LatinFocus Consensus Forecast expect GDP to decrease 0.8% in 2016, which is down 0.3 percentage points from last month’s forecast. Panelists see the economy growing 1.7% in 2017.
Ecuador Economic News
February 4, 2016
In January, consumer prices rose 0.31% over the previous month, which was a bigger change compared to December’s 0.09% increase.
January 7, 2016
In December, consumer prices rose 0.09% over the previous month, which was a moderation from November’s 0.11% increase.
December 31, 2015
In Q3 2015, GDP contracted 0.8% over the same quarter of the previous year, which contrasted the revised 0.7% increase registered in Q2 (previously reported: +1.0% year-on-year) and represented the slowest pace of growth since Q4 2009.
December 27, 2015
In November, economic activity recorded another sharp contraction of 10.2% over the same month last year, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Economica Coyuntural).
December 20, 2015
In October, economic activity collapsed 10.5% over the same month last year, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Economica Coyuntural).