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Ecuadorean economy recorded a growth of 2.4% in 2023

Monday, 06 May 2024 10:10

recomposicion RI 19012024

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 20 sectors presented positive performance, among which the following stand out:

  -   Electricity and water supply by 7.1%;

  -   Fishing and aquaculture by 5.9%;

  -   Public administration at 5.2%;

  -   Agriculture, livestock and forestry by 4.9%; and,

  -   Transportation and storage by 4.8%.

On the other hand, in the fourth quarter of 2023, GDP presented an interannual variation of -0.7%, due to decreases in the following components of GDP: household consumption (-0.5%); GFCF (-5.2%) and exports (-7.4%).

During the last quarter of 2023, 11 of the 20 industries presented interannual decreases, including:

  -   Construction at -13.6%;

  -   Exploitation of mines and quarries at -11.2%;

  -   Art, entertainment and other service activities at -8.5%;

  -   Manufacturing of non-food products at -5.4%; and,

  -   Financial and insurance activities at -4.1%.

In quarterly terms, GDP decreased by 2.4% compared to the third quarter of 2023, due to contractions in household consumption by -1.8%, GFCF by -3.7%, and government expenditure at -0.3%, as well as exports at -7.4%; while, imports recorded a growth of 3.9%.

Finally, the Central Bank of Ecuador has estimated the growth projection for the year 2024 at 1.0%. This forecast considers lower growth rates in household consumption (0.7%) and government expenditure (1.1%), and a recovery in exports (4.2%) and Gross Fixed Capital Formation (1.3%).

More information in the following links:

Quarterly National Accounts:   https://contenido.bce.fin.ec/documentos/informacioneconomica/cuentasnacionales/ix_cuentasnacionalestrimestrales.html#

Macroeconomic forecast:



[1] The Central Bank of Ecuador publishes three versions of the Annual National Accounts figures: preliminary, provisional and definitive. The figures presented in this statement correspond to the preliminary version, which were estimated based on the quarterly accounts and current indicators.