Ecuador: Economy contracts 3% first quarter not including impact of earthquake

Posted on July 16, 2016 • Filed under: Economy, Ecuador, Ecuador Emergency

Current figure of contraction does not include impact of April’s earthquake. Bank will have to update its statement. reported / Ecuador’s economy contracted by 3 percent in the first quarter of 2016 compared with the same period a year earlier, the central bank said late on Friday.

This was driven by a contraction of the non-oil sector, the bank said, without providing details. GDP shrank 1.9 percent in comparison with the fourth quarter of 2015, it said.

“The annual change in GDP was -3.0 percent for the first quarter of 2016,” the bank said in a statement posted on its website, adding that the economy is at an “inflexion point” that will allow for recovery in the coming months. Read Article


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