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
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 |
GDP growth improves in Q2
GDP growth accelerated to 3.3% year on year in the second quarter, from 1.0% in the first quarter. Household spending improved to 4.3% year on year in the second quarter, which marked the best reading since Q2 2022 (Q1: +1.6% yoy). Government spending improved to a 6.4% expansion in Q2 (Q1: +1.0% yoy). Meanwhile, fixed investment bounced back, growing 3.8% in Q2, contrasting the 5.2% decrease in the prior quarter. On the external front, exports of goods and services contracted 0.2% in Q2, marking the worst reading since Q4 2021 (Q1: 0.0% yoy). Conversely, imports of goods and services rebounded, growing 6.2% in Q2 (Q1: -1.0% yoy), marking the best reading since Q1 2022. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, increasing 2.5% in Q2, contrasting the previous quarter's 3.1% contraction. Q2's reading marked the best result since Q3 2020.
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.
To Download one of our sample reports to visualize what a Consensus Forecast is and see our Ecuadorian GDP projections.
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