Ecuador GDP
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.
Ecuador GDP Chart
This chart displays Economic Growth (GDP, annual variation in %) for Ecuador from 2013 to 2022.
Ecuador GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.3 | 0.0 | -7.8 | 4.2 | 2.9 |
| GDP (USD bn) | 107.6 | 108.1 | 99.3 | 106.2 | 115.0 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.1 | 0.5 | -8.2 | 6.9 | 8.4 |