Current Account in Ecuador
Ecuador - Current AccountEconomic growth likely softened in Q3 but remained robust nonetheless, as evidenced by double-digit growth in July–August. Higher consumer confidence on average in the quarter, coupled with a lower unemployment rate, suggests that household spending gained traction. Meanwhile, widespread protests that erupted towards the end of October, opposing an increase in fuel prices, bode ill for activity in Q4. In other news, on 29 October the government sent a modified tax reform to legislators. The bill, which targets higher earners, aims to increase tax revenue by USD 1.9 billion in the first two years after passage. Lastly, on 30 October, the government sent the draft 2022 budget to the National Assembly. The plan envisages spending of around USD 33.9 billion—roughly USD 2.4 billion above the projected expenditure for 2021—while it sees GDP growth at 2.9% and the fiscal deficit at 3.5%.
Ecuador - Current Account Data
|Current Account (% of GDP)||-2.2||1.1||-0.1||-1.2||-0.1|
5 years of economic forecasts for more than 30 economic indicators.
Ecuador Current Account Chart
Source: Central Bank of Ecuador and FocusEconomics calculations.
|Exchange Rate||25,000||0.0 %||Dec 31|
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November 8, 2021
Consumer prices increased 0.21% over the previous month in October, accelerating from September’s 0.02% rise.
October 13, 2021
Economic activity expanded a solid 17.2% in annual terms in August, but cooled from August’s 19.3% jump.
October 7, 2021
Consumer prices rose 0.02% over the previous month in September, cooling from August’s 0.12% increase.
September 30, 2021
The economy bounced back in the second quarter, growing 8.4% in annual terms and contrasting the prior quarter’s 5.4% contraction. The rebound was attributed to firming domestic demand.
September 13, 2021
Economic activity expanded a robust 19.2% in annual terms in July, coming above June’s 16.0% increase.