Ecuador Economic Outlook
July 14, 2020
The dual shocks of coronavirus and the sharp fall in oil prices continued to devastate the economy in Q2, after GDP shrank for the third consecutive quarter in Q1. Oil production collapsed in April, while merchandise exports fell at the sharpest rate in over a decade in the same month. More positively, however, on 6 July the government reached a provisional agreement with some of its largest private creditors to restructure USD 17.4 billion of outstanding debt, providing it with some much-needed breathing space. The accord comes as authorities are also negotiating a new credit line with the IMF, for which they hope to have an agreement by end-August, and further financing from China. Meanwhile, on 7 July, Vice President Otto Sonnenholzner, who has been instrumental in leading the government’s Covid-19 response, resigned, forcing President Lenin Moreno to reshuffle his cabinet.Ecuador Economic Growth
The economy is expected to shrink markedly this year as the coronavirus crisis takes its toll. Social distancing measures are set to hammer domestic activity, while muted global oil prices will cripple exports and government revenue. The duration of the health crisis and political uncertainty regarding the 2021 general elections further cloud the outlook. FocusEconomics panelists project GDP to contract 8.1% in 2020, which is from last month’s forecast. For 2021, the panel sees GDP growth at 3.0%.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: Consumer prices drop at sharpest annual clip in two years in July
August 7, 2020
Consumer prices fell 0.61% in July over the last month, which was fractionally less than the 0.62% drop recorded in June.
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Ecuador: Economic activity drops at record pace in May
July 14, 2020
Economic activity decreased 14.6% year-on-year in May, following April’s 12.7% drop and marking the worst reading on record.
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Ecuador: Inflation plunges to four-month low in June
July 6, 2020
Consumer prices fell 0.62% in June over the last month, which was below the 0.26% fall recorded in May.
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Ecuador: GDP contracts in Q1 at sharpest pace in four years
June 30, 2020
The economy contracted 2.4% on an annual basis in the first quarter, which followed the fourth quarter's 1.0% decrease, as the shocks from the oil price collapse and the coronavirus pandemic hammered activity.
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Ecuador: Economic activity drops again in April
June 13, 2020
Economic activity dropped 2.8% year-on-year in April (March: -3.3% year-on-year) according to the monthly economic activity indicator (IDEAC) released by the Central Bank of Ecuador. On a monthly basis, economic activity rose 0.2% in April (March: -0.3% month-on-month).
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