Ecuador: Economic activity remains strong in August
October 12, 2011
In August, economic activity expanded 14.7% over the same month last year, according to the monthly indicator for economic activity (IDEAC, indice de Actividad Economica Coyuntural). The reading was slightly slower than the already strong 17.0% expansion observed in July, but still marked the fourth consecutive month of double-digit growth in economic activity. On a monthly basis, economic activity rose 1.14% over the previous month in seasonally adjusted terms, which was a notch above the 1.04% rise registered in July. As a result of the strong expansion, annual average growth in economic activity stepped up from 10.3% in July to 10.4% in August. Meanwhile, the government remains confident that the economy is on track to meet its 5.24% growth target for this year and, as outlined in its 2012 draft budget, the government anticipates that the economy will grow 5.35% in 2012.
Author: Ricardo Aceves, Senior Economist