Ecuador: Oil Revenue down sharply in January 2015

Mercedes Alvaro/WSJ.com reported Ecuador’s crude oil export revenue totaled $598 million in January, down about 44% from a year earlier, due to lower oil prices, the central bank said on Friday.

Lower oil prices are expected to drag down economic growth, in a country whose oil sector generates about one-quarter of total government revenue and about a half of exports.

Economists say Ecuador’s economy will likely grow between 1% and 2% this year.

President Rafael Correa ’s administration has said it plans to maintain public spending to boost economic growth, while also tightening controls on imports to ensure the necessary flow of dollars into its economy. Ecuador uses the U.S. dollar as its official currency. Read Article

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