Ecuador: Economic activity soars in May
July 13, 2011
In May, the indicator for economic activity (IDEAC, indice de Actividad Economica Coyuntural) jumped 11.9% over the same month last year, which was well above the revised 2.5% increase observed in April (initially reported: +1.6% year-on-year). A month-on-month comparison confirms the strong expansion suggested by the annual figures, as economic activity expanded 1.57% over the previous month, which was above the 1.39% increase registered in April. Despite the monthly expansion, the trend continues to point downwards, with annual average growth in economic activity falling from 9.6% in April to 9.4% in May. Meanwhile, the government expects the economy to expand 5.3% this year before slowing to 4.2% in 2012.
Author: Ricardo Aceves, Senior Economist