ECB report confirms economic decline during the first quarter of 2020

The contraction in relation to GDP would be 2.4%.

A report by the Central Bank of Ecuador (ECB) on the performance of the Ecuadorian economy during the first quarter of this year highlights that there was a contraction.

The document shows that in the period from January to March 2020, the country’s Gross Domestic Product (GDP) decreased 2.4% in relation to the same period in 2019.

During those months, the variable of exports of goods and services registered a growth of 3.6% in relation to the first quarter of 2019 and imports grew 0.2%. Household consumption, meanwhile, decreased 0.6%.

Meanwhile, gross fixed capital investment (private and public investment) contracted 6% and the government spending variable fell 5%.

According to the Central, the economic activities that grew the most were shrimp aquaculture and fishing, electricity and water, and oil and mines.

On the list of declining activities are: transportation, accommodation, food services, and the construction sector.

Source: El Comercio and social networks

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