Ecuador GDP fell during the second quarter
Compared with the same period last year, this indicator decreased by 12.4% due to the results of the pandemic
Ecuador’s Gross Domestic Product (GDP) fell by 12.4% in the second quarter of the year compared to the same period of the previous year, in the context of the pandemic and the suspension of productive activities in the Andean country.
According to the Central Bank of Ecuador, the data represents the worst record since 2000, although it has been lower than that of other countries in the region such as Chile (-14.1%), Colombia (-15.7%), Mexico (-18.7%), Argentina (-19.2%) or Peru (-30.2%).
During the quarter, gross fixed capital formation fell 18.5%, exports of goods and services fell 15.7% and household final consumption expenditure contracted 11.9%. Likewise, the government’s final consumption expenditure fell by 10.5%, while imports of goods and services fell by 20.8%.
Among imports, those that showed the greatest fall were refined petroleum oils (-22.6%); basic chemical products (-11.7%); machinery, equipment and electrical appliances, (-18.5%) and common metal products (-5.8%).
The GDP data is released the same day that the executive committee of the International Monetary Fund (IMF) has approved a 27-month agreement within the framework of the Expanded Service of the Fund for Ecuador, for about 6.5 billion dollars, as reported the institution in a statement.
K. Tovar
Source: Infobae
