Ecuador: Economic activity records largest drop in almost two years in December
Economic activity fell 0.2% in year-on-year terms in December, which contrasted November’s 2.7% increase. The outturn marked the worst reading since February 2021. The deterioration likely came on the back of worsening activity in the non-oil sector of the economy, as oil production nearly doubled from December 2021’s rate.
Additionally, annual average economic activity growth fell to 6.3% in December (November: +7.5%), pointing to a worsening trend.