In 2024, Ecuador’s Gross Domestic Product (GDP) registered a decrease of 2.0%. This contraction was driven by household consumption, which decreased by 1.3%, government spending, which contracted by 1.2%, and gross fixed capital formation (GFCF), which decreased by 3.8%. Exports contributed positively to GDP with annual growth of 1.8%, which helped to partially mitigate the […]

In the third quarter of 2024, Ecuador’s Gross Domestic Product (GDP) contracted by 1.5% compared to the same period in 2023. This performance was related to year-on-year contractions in expenditure components: gross fixed capital formation (GFCF) by -6.2%, exports by -5.1%, and government spending by -1.04%. In contrast, household consumption grew by 2.9% and imports […]

International Reserves (IR) experienced an accumulation process throughout 2024, reaching USD 6.9 billion by December 31, 2024. This level of reserves represents an annual increase of USD 2.445 billion, which allowed for the coverage of 100% of the liabilities of the first and second balance systems of the Central Bank of Ecuador (BCE). Therefore, the […]

On Wednesday, October 9, 2024, an attempted robbery took place by more than 20 heavily armed criminals at kilometer 90 of the Cuenca-Molleturo highway, against a convoy of the Central Bank of Ecuador (BCE) transporting monetary values. With deep regret, we inform that this event claimed the life of a member of our banking security […]

In the second quarter of 2024, Ecuador’s Gross Domestic Product (GDP) recorded a 2.2% decrease compared to the same period in 2023[1]. This performance was related to year-on-year contractions in gross fixed capital formation (GFCF) by 8.2%, household consumption by 2.2%, and government spending by 0.6%. On the other hand, there were positive annual variations […]

Based on Article 94 of the Organic Monetary and Financial Code (COMF), the Monetary Policy and Regulation Board (JPRM) issued Resolutions No. JPRM-2022-005-M, dated February 11, 2022, and No. JPRM-2023-015-M, dated August 9, 2023, which establish that the legal tender in the Republic of Ecuador is the United States dollar. Therefore, all transactions, monetary and […]

In the first quarter of 2024, the Gross Domestic Product (GDP) of Ecuador grew by 1.2% compared to the same period in 2023. This behavior was mainly due to the reduction in imports by 3.3%[1], and by a positive change in stocks (inventories). However, the main components of GDP presented year-on-year contractions: government spending at […]

In 2023, Ecuador’s Gross Domestic Product (GDP) grew by 2.4%[1], lower than the 6.2% growth achieved in 2022. This growth was driven by the dynamism of government expedinture, which increased by 3.7%; exports by 2.3%; household consumption at 1.4%; and, the Gross Fixed Capital Formation (GFCF) at 0.5%. At the industry level, 13 of the […]