GDP Per Capita in Ecuador

Ecuador GDP Per Capita

Economy records slowest increase since Q1 2021 in Q1

GDP growth moderated to 0.7% year on year in the first quarter, from 4.3% in the fourth quarter of last year. Q1’s reading marked the worst reading since Q1 2021.

The downturn was broad-based, with growth of private consumption, public spending, fixed investment and exports all weakening. Private consumption increased 1.6% in the first quarter, which was below the fourth quarter’s 3.8% expansion. Public consumption growth softened to 0.5% in Q1 (Q4 2022: +7.6% yoy). Meanwhile, fixed investment contracted 5.2% in Q1, marking the worst reading since Q1 2021 (Q4 2022: +2.5% yoy).

On the external front, exports of goods and services growth fell to 0.4% in Q1, marking the worst result since Q1 2022 (Q4 2022: +6.2% yoy). In addition, imports of goods and services deteriorated, contracting 1.3% in Q1 (Q4 2022: +3.0% yoy).

On a seasonally-adjusted quarter-on-quarter basis, GDP declined 3.4% in Q1, contrasting the previous period’s 2.3% growth. Q1’s reading marked the worst reading since Q2 2020.