Mountains in Ecuador

Ecuador GDP Q1 2023

Ecuador: Economy records slowest increase since Q1 2021 in Q1

GDP growth moderated to 0.7% year on year in the first quarter, from 4.3% in the fourth quarter of last year. Q1’s reading marked the worst reading since Q1 2021.

The downturn was broad-based, with growth of private consumption, public spending, fixed investment and exports all weakening. Private consumption increased 1.6% in the first quarter, which was below the fourth quarter’s 3.8% expansion. Public consumption growth softened to 0.5% in Q1 (Q4 2022: +7.6% yoy). Meanwhile, fixed investment contracted 5.2% in Q1, marking the worst reading since Q1 2021 (Q4 2022: +2.5% yoy).

On the external front, exports of goods and services growth fell to 0.4% in Q1, marking the worst result since Q1 2022 (Q4 2022: +6.2% yoy). In addition, imports of goods and services deteriorated, contracting 1.3% in Q1 (Q4 2022: +3.0% yoy).

On a seasonally-adjusted quarter-on-quarter basis, GDP declined 3.4% in Q1, contrasting the previous period’s 2.3% growth. Q1’s reading marked the worst reading since Q2 2020.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest