Mountains in Ecuador

Ecuador GDP Q2 2023

Ecuador: GDP growth improves in Q2

GDP growth accelerated to 3.3% year on year in the second quarter, from 1.0% in the first quarter.

Household spending improved to 4.3% year on year in the second quarter, which marked the best reading since Q2 2022 (Q1: +1.6% yoy). Government spending improved to a 6.4% expansion in Q2 (Q1: +1.0% yoy). Meanwhile, fixed investment bounced back, growing 3.8% in Q2, contrasting the 5.2% decrease in the prior quarter.

On the external front, exports of goods and services contracted 0.2% in Q2, marking the worst reading since Q4 2021 (Q1: 0.0% yoy). Conversely, imports of goods and services rebounded, growing 6.2% in Q2 (Q1: -1.0% yoy), marking the best reading since Q1 2022.

On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, increasing 2.5% in Q2, contrasting the previous quarter’s 3.1% contraction. Q2’s reading marked the best result since Q3 2020.

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