Economic Growth in Ecuador
The economy of Ecuador recorded an average real GDP growth rate of 1.1% in the decade to 2022, below the 1.3% average for Latin America. In 2022, real GDP growth was 2.9%. For more GDP information, visit our dedicated page.
Ecuador GDP Chart
Ecuador GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.0 | 0.2 | -9.2 | 9.8 | 6.2 |
GDP (USD bn) | 107.5 | 107.6 | 95.9 | 107.4 | 116.6 |
Economic Growth (Nominal GDP, ann. var. %) | 2.9 | 0.1 | -10.9 | 12.1 | 8.5 |
GDP growth cools notably in Q3
GDP growth decelerated to 0.4% year on year in the third quarter, from 4.7% in the second quarter. Q3’s print represented the lowest reading since Q1 2021. Meanwhile, the economy shrank 1.3% in seasonally adjusted, quarter-on-quarter terms, swinging from the previous quarter’s 1.1% expansion and marking the sharpest contraction since Q2 2020.
Household spending plummeted 4.7% year-on-year in the third quarter, contrasting the previous quarter’s 3.4% expansion. Moreover, fixed investment plunged 5.6% in Q3, contrasting the 7.0% increase in the prior quarter. Meanwhile, government spending grew 5.1% in Q3 (Q2: +5.7% yoy). On the external front, exports of goods and services rose 7.3% in Q3, cooling somewhat from Q2’s 7.9% increase. Conversely, imports of goods and services fell at a softer pace, declining 14.1% in Q3 (Q2: -23.1% yoy).
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ecuadorian GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Ecuadorian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ecuadorian GDP projections.
Want to get access to the full dataset of Ecuadorian GDP forecasts? Send an email to info@focus-economics.com.
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