Ecuador: Economic activity explodes in November
January 13, 2012
In November, economic activity jumped 32.6% over the same month the previous year, according to the monthly indicator for economic activity (IDEAC, indice de Actividad Economica Coyuntural). The increase came in above the already buoyant 17.7% expansion recorded in October and, in fact, represents the fastest rate seen since September 2005. A month-on-month comparison, however, points to a less healthy expansion than suggested by the annual figures, with economic activity rising just 1.13% over the previous month in seasonally adjusted terms (October: +1.27% mom). Meanwhile, the trend continues to improve as a result of this strong expansion, with annual average growth rising from 12.7% in October to 13.2% in November. The Central Bank expects the economy to grow 5.4% in 2012, whereas the government expects economic growth of 5.2%, according to its 2012 draft budget.