Ecuador Economic Activity May 2021

Ecuador

Ecuador: Economic activity growth moderates in May but remains solid

July 15, 2021

Economic activity grew 29.0% in annual terms in May, but eased from April’s 56.1% jump, largely due to a less favorable base effect. Nonetheless, the expansion was solid and was largely buoyed by a healthy increase in oil output—the country’s key export.

Meanwhile, the trend improved notably, with the annual average variation of economic activity coming in at 2.9%, up from April’s minus 1.8%.

LatinFocus panelists project GDP to grow 3.4% in 2021, which is up 0.2 percentage points from last month. For 2022, the panel sees GDP growth at 2.7%.


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Ecuador Economic Activity May 2021

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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