Ecuador: Economic activity contracts in March
May 16, 2011
In March, the monthly indicator for economic activity (IDEAC, indice de Actividad Economica Coyuntural) declined 3.5% over the same month last year, which marked the first drop in the index since November 2009. The reading contrasted the 8.1% expansion tallied in February. A month-on-month comparison, however, does not corroborate the contraction seen in the annual figures. Economic activity expanded 0.70% over the previous month in seasonally adjusted terms, which was virtually unchanged from the 0.74% increase recorded in February (previously reported: +1.05% month-on-month). As a result of the year-on-year contraction, the trend continued pointing downwards, with annual average growth dropping to 10.2%, down from 12.0% seen in February.