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