Ecuador Economic Outlook
October 11, 2021The economy returned to growth in Q2, driven by sharp rebounds in consumption and investment. However, the external sector detracted from growth as imports recovered, and the headline GDP reading was flattered by a low base effect. Turning to Q3, growth was likely brisk, aided by a surge in the vaccination rate. Economic activity grew healthily in July, while consumer confidence improved through August and the unemployment rate averaged lower in July–August relative to Q2, boding well for private spending. In politics, in late September President Lasso announced a reform package which aims to raise taxes on the wealthy and make the labor market more flexible. However, the president’s weak parliamentary support could stymie the approval of the measures. Also in September, the IMF announced the disbursement of USD 800 million upon a successful review of its Extended Fund Facility program.
Ecuador Economic GrowthThis year, the economy should bounce back, in line with firming domestic and foreign demand and higher average prices for oil. Growth should stay solid next year, aided by a continued recovery in the labor market. That said, the spread of more infectious variants of Covid-19 and the president’s lack of a parliamentary majority to push through key reforms pose risks. FocusEconomics panelists project GDP to expand 3.4% in 2021. In 2022, the panel sees GDP growth moderating to 3.1%, which is unchanged from last month’s forecast.
Ecuador Economy Data
5 years of Ecuador economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Exchange Rate||25,000||0.0 %||Dec 31|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Ecuador Economic News
October 7, 2021
Consumer prices rose 0.02% over the previous month in September, cooling from August’s 0.12% increase.
September 30, 2021
The economy bounced back in the second quarter, growing 8.4% in annual terms and contrasting the prior quarter’s 5.4% contraction. The rebound was attributed to firming domestic demand.
September 13, 2021
Economic activity expanded a robust 19.2% in annual terms in July, coming above June’s 16.0% increase.
September 6, 2021
Consumer prices rose 0.12% over the previous month in August, cooling from July’s 0.53% increase.
August 12, 2021
Economic activity grew 15.9% in annual terms in June, easing from May’s 29.0% surge, largely due to a less favorable base effect.