Ecuador Economic Activity August 2022

Ecuador

Ecuador: Economic activity growth rises in August

October 17, 2022

Economic activity grew 7.2% compared to the same month of the previous year in August, which was above July's 1.2% increase. A tick-up in petroleum production and the recovery from protests in June likely contributed to the acceleration.

Meanwhile, the trend pointed down, with the annual average growth of economic activity coming in at 10.6% in August, down from July's 11.5%.

Commenting on the outlook, analysts at the EIU stated:

“[We] expect GDP growth to slow to 1.2% in 2023, from an estimated 2.4% in 2022. [...] There are several risks—both upside and downside—to our GDP forecasts. Another spike in oil prices would have a net positive effect on growth, although it would also raise the potential for damaging protests over elevated living costs that would hit investment and activity.”

LatinFocus Consensus Forecast panelists project GDP to grow 2.5% in 2022, which is unchanged from last month’s estimate. For 2023, the panel sees GDP expanding 2.2%.


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Ecuador Economic Activity August 2022 0

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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