Ecuador Economic Outlook
June 14, 2022
The economy seemed to slow in Q1. On average, economic activity grew at a weaker annual pace than in 2021. The oil sector contracted due to natural disasters and lack of prior investment. More positively, the agricultural, construction and services sectors grew strongly. Turning to Q2, the oil sector is likely recovering, boosting growth. Meanwhile, near decade-high oil prices are providing relief to the external and fiscal balances. This has allowed the government to introduce a new cash transfer program and housing subsidies, supporting private consumption alongside its existing fuel subsidy program. That said, such measures will hurt public finances, which could pose a problem for the lending agreement reached with the IMF in May. In politics, the president and the legislature remain at loggerheads due to conflicts over policies relating to the judiciary, labor market and investment.Ecuador Economic Growth
This year, growth appears unlikely to bring GDP back to its pre-pandemic levels. Rising inflation and a weak labor market will dent private spending in spite of government subsidies. That said, high energy prices will fortify the country’s external and fiscal balances. Key factors to watch include commodity prices and volatile weather conditions. FocusEconomics panelists project GDP to expand 2.8% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the panel sees GDP growth moderating to 2.3%.Ecuador Economy Data
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Ecuador Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 25,000 | 0.0 % | Dec 31 |
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Ecuador Economic News
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Ecuador: Economic activity growth rises in August
October 17, 2022
Economic activity grew 7.2% compared to the same month of the previous year in August, which was above July's 1.2% increase.
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Ecuador: Inflation increases in September
October 7, 2022
Inflation came in at 4.1% in September, which was up from August’s 3.8%.
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Ecuador: Economic activity growth drops to over one-year low in July
September 15, 2022
Economic activity growth softened further in annual terms in July, increasing 1.2% year on year (June: +4.3% yoy).
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Ecuador: Inflation falls to lowest level since May in August
September 6, 2022
Inflation came in at 3.8% in August, which was down from July’s 3.9%.
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Ecuador: Economic activity growth slides to over one-year low in June
August 18, 2022
Economic activity rose 4.3% year on year in June, which was a deterioration from May's 12.4% increase.
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