The economy of Ecuador advanced 0.9 percent year-on-year in the second quarter of 2017, compared to a downwardly revised 1.6 percent rise in the previous period. It was the slowest expansion since the fourth quarter of 2016, as output grew at a slower pace for: wholesale and retail trade (3.3 percent vs 4.9 percent in Q1); hotels and restaurants (3.6 percent vs 9.4 percent); financial services (2.5 percent vs 2.7 percent); manufacturing (0.7 percent vs 1.0 percent); utilities (6.5 percent vs 7.9 percent) and agriculture (1.4 percent vs 5.0 percent). In addition, a contraction was seen in mining and quarrying (-3.8 percent vs -3.1 percent), namely oil refining (-36.2 percent vs 7.7 percent). Quarter-on-quarter, the GDP increased 0.4 percent, after an upwardly revised 1.0 percent contraction in the first quarter of 2018. GDP Annual Growth Rate in Ecuador averaged 3.81 percent from 2000 until 2018, 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.
GDP Annual Growth Rate in Ecuador is expected to be 1.50 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 1.30 in 12 months time. In the long-term, the Ecuador GDP Annual Growth Rate is projected to trend around 1.30 percent in 2020, according to our econometric models.