In addition, 2020 is expected to be the year with the greatest decrease in the history of Ecuador.
The Central Bank of Ecuador (BCE) published a study on the Macroeconomic Evaluation and Impact of COVID-19 on the Ecuadorian Economy. In the first three months of the pandemic, the country registered losses of USD 5.249 million and almost 40% corresponds to the commerce sector. In addition, a general decrease in the economy of 3.8% was reported.
In the same way, the ECB showed that unemployment increased by 4.1% in those three months. The national unemployment rate as of December 2019 was 3.8% and this official indicator could not be updated precisely because the confinement interrupted the collection of the information.
In the report it is estimated that 335.413 jobs were lost and there the commercial sector also absorbs the largest number of casualties with 105.500, which represents 31%.
The rest of the sectors in which a high number of dismissed people were registered are: transportation with 43.800; manufacturing 36.700; professional activities 27.900; agriculture 26.900; construction 25.000; accommodation and food services 19.200; education and health 16.700, other services 13.800; public administration 6.400.
The entity projected that there could be some 658.866 fewer jobs.
This would be the worst year for Ecuador since 1927, since the variation of real GDP with respect to 2019 ranges from -7.3% to -9.6%. In the great depression, it was -4.2%. In 1999, with the financial crisis, -4.7%. In 2016, due to the earthquake, -1.2%.
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Source: Central Bank of Ecuador