The economy of Ecuador shrank 0.1 percent year-on-year in the third quarter of 2019, after expanding 0.6 percent in the previous period. It was the first contraction since the third quarter of 2016, as output shrank further in petroleum refining (-29.1 percent vs -26.7 percent in Q2); trade (-1.3 percent vs -1 percent); and public administration (-5.5 percent vs -4.6 percent). Also, education, social services & health contracted 0.5 percent, after growing 2.7 percent in the second quarter of the year. Additionally, growth slowed in agriculture & shrimp fishing (12.8 percent vs 14.6 percent); professional activities (2.8 percent vs 3.7 percent); utilities (1.5 percent vs 6.8 percent); restaurants & hotels (2.3 percent vs 3 percent); and financial services (2.8 percent vs 3.7 percent). On a quarterly basis, the economy grew 0.4 percent, rebounding from a 0.9 percent contraction in the prior period. GDP Annual Growth Rate in Ecuador averaged 3.64 percent from 2000 until 2019, reaching an all time high of 10.20 percent in the second quarter of 2004 and a record low of -3.40 percent in the first quarter of 2016. source: Banco Central del Ecuador
GDP Annual Growth Rate in Ecuador is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Ecuador to stand at 0.30 in 12 months time. In the long-term, the Ecuador GDP Annual Growth Rate is projected to trend around 1.30 percent in 2020, according to our econometric models.
Ecuador GDP Annual Growth Rate
The biggest sector of Ecuador´s economy is services. Retail and wholesale trade, hotels and restaurants, transport, communication and warehousing, financial intermediation, professional, technical, administrative and household services, education and health and government services and goods account for 57 percent of the GDP. Manufacturing, mining and quarrying create 23 percent of the wealth and construction and water and electricity distribution 11 percent. Agriculture, forestry and fishing account for the remaining 9 percent of GDP.