Ecuador: Economic activity declines at softer pace in August
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). This was a notably milder decrease than July’s 15.5% plunge, which had marked an over ten-year low.
On a month-on-month basis, economic activity in August increased 0.28% in seasonally-adjusted terms, which was up from the revised 0.05% increase recorded in July (previously reported: -0.44% month-on-month) and marked the highest reading since July 2014. In August, the annual average variation in economic activity mirrored July’s 6.4% contraction, which was the lowest figure on record.
Author: David Ampudia, Economist