Ecuador GDP Q4 2021


Ecuador: GDP growth slows further in Q4, but remains relatively healthy

March 30, 2022

GDP increased 4.9% in annual terms in the fourth quarter, below Q3’s 5.6% expansion, largely due to a less favorable base effect as conditions continued to strengthen in sequential terms.

Slower growth at the tail end of the year was predominately due to softer domestic demand dynamics. Fixed investment growth eased to 3.9% in Q4 (Q3: +9.9% yoy), while private consumption growth also slowed to 9.6% (Q3: +13.1% yoy). Meanwhile, government consumption growth accelerated to 4.4% in Q4 (Q3: +0.6%)

On the external front, exports of goods and services declined 3.7% in Q4 (Q3: -0.2%), while imports of goods and services grew 7.3% (Q3: +24.2%).

Lastly, on a seasonally-adjusted quarter-on-quarter basis, economic growth accelerated to 0.7%, following Q3’s 0.4% expansion.

LatinFocus Consensus Forecast panelists project GDP to grow 2.9% in 2022, which is up 0.1 percentage points from last month’s forecast, and 2.2% in 2023.


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Ecuador GDP Chart

Ecuador GDP Q4  2021

Note: Year-on-year changes of GDP in %.
Source: Ecuador Central Bank and LatinFocus Consensus Forecast.

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