In the fourth quarter, GDP expanded a robust 7.0% over the same period last year, which came in above the 4.5% increase recorded in the third quarter (previously reported: +4.3% yoy) and marked the strongest expansion since the third quarter of 2008. The acceleration over the previous quarter was broad-based, as both the domestic and the external sector improved compared to the previous quarter. Total consumption expanded 9.2%, up from the 8.2% increase recorded in the previous quarter (previously reported: +7.9% yoy), while gross fixed investment jumped from a 12.8% rise in the third quarter (previously reported: +14.2% yoy) to a 16.2% increase in the fourth. Meanwhile, the net contribution from the external sector improved over the previous quarter. Exports of goods and services swung from a 0.9% decline (previously reported: +5.7%) in the third quarter to a 8.3% increase, while imports slowed to a 16.4% rise from the 20.9% increase (previously reported: +23.5%) observed in the third quarter. As a result, the net contribution from the external sector to overall economic growth rose from minus 9.2 percentage points (previously reported: -7.4 percentage points) in the third quarter to minus 4.4 percentage points. At the sector level, the acceleration over the previous quarter was broad-based as all of the main sectors improved compared to the previous quarter. In particular, industry rose a strong 9.6% over the same period in the previous year (Q3: +3.4% yoy), while services added 6.8% (Q3: +5.1% yoy). Finally, agriculture expanded a meagre 0.7% in the fourth quarter, contrasting the 1.0% decline recorded in the third quarter and marking a return to positive territory after three quarters of contraction. A quarter-on-quarter comparison corroborates the acceleration seen in the annual figures, as the economy expanded a seasonally adjusted 2.64% over the previous quarter, up from the 2.03% increase (previously reported: 1.60% qoq) recorded in the third quarter. Based on annual figures, the economy expanded 3.6% in 2010, recovering from the sluggish 0.4% increase recorded in 2009 and coming in slightly below the Central Bank's forecast of 3.7% for 2010. According to the Central Bank figures, economic activity was negatively affected in 2010 by renegotiation of oil contracts between the government and private producers, which led to a decline in oil production and refining from the private firms (oil is the country's main export). The Central Bank expects that GDP will grow 5.1% in 2011.
GDP expands at fastest pace in more than two years
March 31, 2011
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Ecuador Economic News
October 11, 2016
In August, economic activity recorded an annual contraction of 2.8%, according to the monthly indicator for economic activity (IDEAC, Índice de Actividad Económica Coyuntural).
October 7, 2016
In September, consumer prices rose 0.15% over the previous month, contrasting August’s 0.16% decrease.
October 3, 2016
The Ecuadorian economy performed slightly better in the second quarter, the result of gradually improving oil prices and an increase in crude output.
September 8, 2016
In July, economic activity plummeted and recorded the largest contraction in over ten years.
September 6, 2016
In August, consumer prices fell 0.16% over the previous month, the lowest reading in over three years.