Ecuador Economic Activity July 2022

Ecuador

Ecuador: Economic activity growth drops to over one-year low in July

September 15, 2022

Economic activity growth softened further in annual terms in July, increasing 1.2% year on year (June: +4.3% yoy). July's figure marked the weakest reading since February 2021 and likely suffered from the prolonged effects of June’s protests. That said, production in the key oil sector accelerated in July from June’s six-month low.

Consequently, annual average economic activity growth fell to 11.5% in July (June: +13.1%), pointing to a worsening trend.

LatinFocus Consensus Forecast panelists project GDP to grow 2.7% in 2022, which is down 0.1 percentage points from last month’s estimate. For 2023, the panel sees GDP expanding 2.4%.


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Ecuador Economic Activity July 2022

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


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