The economy of Ecuador shrank 2.4 percent year-on-year in the first quarter of 2020, following a 1 percent decline in the previous period. It was the second consecutive contraction and the sharpest since the first quarter of 2016, officially entering a recession as the coronavirus pandemic hit the economy. Output slumped in hotels & restaurants (-4.9% vs 1.9% in Q1); and professional, technical and administrative activities (-1.3% vs 1%). Additionally, production shrank further in transport (-4% vs -0.3%); construction (-7.1% vs -3.3%); public administration (-5.1% vs -4.8%) and other services (-2.1% vs -1.8%). Also, output continued to fall for trade (-0.9%, the same as in Q1); and education, social services & health (-4.7% vs -6.2%). In addition, growth slowed in manufacturing (0.1% vs 0.5%); utilities (6.3% vs 15.4%); agriculture (1.4% vs 1.6%). source: Banco Central del Ecuador

GDP Annual Growth Rate in Ecuador averaged 3.50 percent from 2000 until 2020, 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. This page provides the latest reported value for - Ecuador GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ecuador GDP Annual Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Annual Growth Rate in Ecuador is expected to be -12.00 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 15.00 in 12 months time. In the long-term, the Ecuador GDP Annual Growth Rate is projected to trend around 6.50 percent in 2021 and 1.30 percent in 2022, according to our econometric models.

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Ecuador GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.40 -1.00 10.20 -3.40 2000 - 2020 percent Quarterly

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.