In May 2026, the Monthly Economic Activity Indicator (IMAEc) recorded a year-on-year growth of 1.6%, reflecting the continued expansion of the country’s economic activity. This result was primarily supported by the dynamism of the services and manufacturing sectors, whose performance offset the contractions observed in agriculture, livestock, forestry, and fishing, as well as in mining and oil.

The services sector recorded year-on-year growth of 2.4%, contributing 1.1 percentage points to the IMAEc result. This performance was driven by an increase in electricity generation, the expansion of credit extended by the financial system, and greater dynamism in transportation, professional services, accommodation, and food services.

Meanwhile, compared to May 2025, the manufacturing sector grew by 5.4%, contributing 0.7 percentage points to the indicator’s growth. This performance was driven by an increase in exports of processed shrimp, higher cement production, and increased production of petroleum derivatives.

In contrast, activity related to agriculture, livestock, forestry, and fishing recorded a year-on-year decline of 3.8%. Mining and oil contracted by 1.4%, due to lower domestic oil production, influenced by operational factors and the natural decline of mature fields, as well as a reduction in copper exports.

By component, the non-oil IMAEc maintained its role as the main driver of economic growth, recording a year-on-year expansion of 1.8%. In contrast, the oil component posted a variation of -2.1%, reflecting the persistence of a contractionary trend.

The IMAEc is an indicator that tracks national economic activity to monitor the performance of the main productive sectors ahead of the publication of quarterly Gross Domestic Product (GDP) figures. Its results provide relevant information for assessing economic dynamics and supporting decision-making by different economic agents.

Strategic Communications Sub-Directorate – Economic Studies and Statistics Division

The complete IMAEc results and methodology are available on the institutional portal of the Central Bank of Ecuador at the following link:

https://contenido.bce.fin.ec/documentos/informacioneconomica/cuentasnacionales/ix_IMAEC.html#