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
Ecuador GDP Data
|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|