Ecuador Economic Activity May 2016

Ecuador

Ecuador: Economic activity contracts considerably less in May

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. April’s reading had marked the largest drop in over six years and mainly reflected the devastating impact of April’s massive earthquake on the Ecuadorian economy.

On a month-on-month basis, economic activity in May decreased 0.46% in seasonally-adjusted terms, which was up from the 0.73% fall recorded in April. The annual average variation in economic activity advanced from minus 5.8% in April to minus 4.8% in April.

Panelists surveyed for this month’s LatinFocus report see GDP contracting 2.9% in 2016, which is unchanged from last month’s forecast. For 2017, panelists expect the economy to expand a mild 0.2%.


Author: Teresa Kersting, Economist

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Ecuador Economic Activity May 2016 0

Note: Year-on-year changes and annual average variation of economic activity in %.
Source: Ecuador Central Bank and FocusEconomics calculations.


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