Current Account in Ecuador
Ecuador - Current AccountThe economy seems to have regained some steam in the third quarter, following the weakest expansion in nearly three years in Q2. Economic activity picked up pace in Q3, likely underpinned by stronger oil production. That said, credit growth eased while consumer confidence weakened in Q3, suggesting that household spending faltered. In other news, on 17 November, Congress rejected the legislative package proposed by President Moreno, which included tax and Central Bank reforms, designed to narrow the budget deficit as part of a loan agreement with the IMF. The legislation had aimed to raise USD 700 million next year, mainly through increased corporate income taxes. In response, and under pressure to fulfill the IMF agreement and trying to pave way for additional financing, the government sent a new emergency law—which just includes the proposed tax reforms—to Congress on 25 November.
Ecuador - Current Account Data
|Current Account (% of GDP)||-1.0||-0.7||-2.2||1.3||-0.5|
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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January 14, 2020
In November, economic activity fell 0.3% over the same month of 2018, according to the monthly economic activity indicator (IDEAC) released by the Central Bank of Ecuador.
January 7, 2020
Consumer prices were stable over the previous month in December, following their 0.5% drop in November.
January 2, 2020
The economy contracted for the first time since Q3 2016 in the third quarter as GDP fell 0.1% on an annual basis, contrasting the revised 0.6% expansion in the second quarter (previously reported: +0.3% year-on-year).
December 17, 2019
In October, economic activity fell 0.6% over the same month of the previous year, according to the monthly economic activity indicator (IDEAC) released by the Central Bank of Ecuador.
December 5, 2019
Consumer prices fell 0.7% over the previous month in November (October: 0.5%), largely reflecting lower prices for transport and food and non-alcoholic beverages.