The Central Bank of Ecuador published quarterly national accounts results showing Ecuador’s gross domestic product contracted by 1.5% in the third quarter of 2024 compared with the same period in 2023, and by 0.2% compared with the previous quarter. The release also incorporates methodological improvements and revisions to historical series back to 2018 following technical assistance concluded with the International Monetary Fund’s Statistics Department in December 2024. The year-on-year decline was driven by falls in gross fixed capital formation (-6.2%), exports (-5.1%) and government spending (-1.04%), partly offset by higher household consumption (2.9%) and a slight rise in imports (0.3%). Investment weakened with a year-on-year drop in construction and lower sales of construction inputs, while exports fell mainly due to lower external sales of crude oil, petroleum derivatives, shrimp and mining products. Six of 20 industries expanded, led by arts, entertainment and other activities (3.7%), fishing and aquaculture (3.2%) and accommodation and food services (2.6%). Quarter on quarter, the contraction reflected lower exports (-1.5%), household consumption (-0.9%) and government spending (-0.3%), while gross fixed capital formation increased (2.1%) and imports fell (-2.3%). The publication includes final annual national accounts for 2021 and 2022 and a provisional 2023 estimate within the quarterly accounts results.
Central Bank of Ecuador 2025-01-15
Central Bank of Ecuador publishes revised national accounts with GDP down 1.5% year on year in Q3 2024
Ecuador's Central Bank reported a 1.5% GDP contraction for Q3 2024 compared to Q3 2023, and a 0.2% decline from the previous quarter. Methodological improvements and historical revisions back to 2018 were incorporated following IMF technical assistance. The year-on-year decline was driven by decreases in gross fixed capital formation, exports, and government spending, partially offset by increased household consumption and imports.