Ecuador Economic Activity July 2016

Ecuador

Ecuador: Economic activity plunges at fastest pace since 2006

September 8, 2016

In July, economic activity plummeted and recorded the largest contraction in over ten years. According to the monthly indicator for economic activity (IDEAC, Índice de Actividad Económica Coyuntural), economic activity decreased 18.8% over the same month last year, which was well below June’s notably softer 2.2% contraction. The reading further signaled that economic weakness continues to plague the country amid the devastating impact of April’s earthquake and faltering volumes of exports caused by a strong U.S. dollar.

On a month-on-month basis, economic activity in July decreased 0.44% in seasonally-adjusted terms, which was up from the revised 0.61% fall recorded in June (previously reported: +0.50% month-on-month). The annual average variation in economic activity tumbled from minus 5.0% in June to minus 6.3% in July, the lowest reading on record.

Panelists surveyed for this month’s LatinFocus report see GDP contracting 2.8% in 2016, which is up 0.4 percentage points from last month’s forecast. For 2017, panelists expect the economy to expand a mild 0.2%.


Author:, Economist

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Ecuador Economic Activity July 2016 0

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


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