Ecuador: Economic activity contracts at slightly softer pace in November

In November, economic activity contracted 0.8% in annual terms, according to the monthly indicator for economic activity (IDEAC, Indice de Actividad Económica Coyuntural) released by the Central Bank of Ecuador. The decline was slightly softer than October’s revised 1.0% year-on-year contraction (previously reported: -1.8% year-on-year). Reasons for the decline in overall activity have yet to be released.

In month-on-month, seasonally-adjusted terms, economic activity rose 0.4% in November, following a revised 0.1% drop in October (previously reported: -0.3% month-on-month).

Ecuador GDP Forecast

Panelists surveyed for this month’s LatinFocus report expect GDP to expand 1.6% in 2018, which is up 0.2 percentage points from last month’s forecast. For 2019, panelists project the economy will grow 1.1%.