Ecuador Economic Outlook
August 9, 2016Ecuador’s oil-exporting economy took a turn for worse in Q1 when its GDP contracted a record 3.0% annually (Q4: -1.2% year-on-year). The ongoing deterioration mainly reflects the far-reaching consequences of the low-oil-price environment on Ecuador’s dollarized economy, which cannot adjust to the depressed prices of its key exports via a currency devaluation, therefore putting a strain on wages and public spending. All components of domestic demand deteriorated in Q1, while the external sector still contributed positively to overall growth. Data for Q2 are grim: economic activity dropped drastically in April, dragged down by April’s devastating earthquake, and continued to fall in May, albeit at a much softer pace. In order to meet its large financing needs, which have risen due to the damage caused by the earthquake, the government issued USD 1.0 billion in five-year bonds in July at a yield of 10.75%, the highest since 2000.
Ecuador Economy Data
5 years of Ecuador economic forecasts for more than 30 economic indicators.
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Ecuador Economic Growth
August 9, 2016In this climate, Ecuador’s economy is forecast to slip into a deep recession. Our panelists see GDP contracting 3.2% this year, which is down 0.3 percentage points from last month’s forecast. Panelists expect the economy to record a smaller decline of 0.2% in 2017.
Ecuador Economic News
August 11, 2016
In June, economic activity recorded an annual decrease of 2.1%, according to the monthly indicator for economic activity (IDEAC, Índice de Actividad Económica Coyuntural).
August 4, 2016
In July, consumer prices fell 0.09% over the over the previous month.
July 15, 2016
In May, economic activity recorded an annual contraction of 1.7%, according to the monthly indicator for economic activity (IDEAC, Índice de Actividad Económica Coyuntural), which was a much softer decline than April’s deep 14.5% decrease.
July 14, 2016
Ecuador’s economic woes intensified in Q1 when the economy of the oil-exporting nation recorded the largest contraction on record, slipping deeper into recession.
July 6, 2016
In June, consumer prices rose 0.36% over the over the previous month.