Ecuador GDP Q1 2022

Ecuador

Ecuador: GDP growth slows further in Q1

June 30, 2022

GDP eased to 3.8% in annual terms in Q1 2022, below Q4 2021’s 4.9% expansion.

The slower growth in Q1 was due to weaker private consumption growth, which softened to 6.7% in Q1 2022 (Q4 2021: +9.6%). Conversely, fixed investment growth rose to 4.0% in Q1 2022 (Q4 2021: +3.9% yoy), while government consumption growth accelerated to 6.5% in Q1 2022 (Q4 2021: +4.4%).

On the external front, exports of goods and services declined 0.4% in Q1 2022 (Q4 2021: -3.7%), while imports of goods and services grew 8.1% (Q4 2021: +7.3%).

Lastly, on a seasonally-adjusted quarter-on-quarter basis, economic growth decelerated to 0.4%, following Q4 2021’s 0.7% expansion.

FocusEconomics panelists project GDP to expand 2.8% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the panel sees GDP growth moderating to 2.3%.


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