Ecuador: Economic activity jumps in March
Economic activity rebounded solidly, growing 11.0% in annual terms in March and contrasting February’s 6.1% slide. The print marked the best result in nearly four years. A milder decline in oil production in March coupled with surging oil prices in the first half of the month likely contributed to the result. However, the reading was also flattered by a low base effect.
Moreover, the trend improved markedly, with the annual average variation of economic activity coming in at minus 9.8%, up from February’s minus 11.5%.