Ecuador GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

4.3

Units In

3.2

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
10.2 Jun 2004	-12.8 Jun 2020	3.05 %	2000-2022	Banco Central del Ecuador

The biggest sector of Ecuador´s economy is services. Retail and wholesale trade, hotels and restaurants, transport, communication and warehousing, financial intermediation, professional, technical, administrative and household services, education and health and government services and goods account for 57 percent of the GDP. Manufacturing, mining and quarrying create 23 percent of the wealth and construction and water and electricity distribution 11 percent. Agriculture, forestry and fishing account for the remaining 9 percent of GDP.

Latest Updates

The gross domestic product of Ecuador shrank by 0.7% annually in the fourth quarter of 2023, erasing the 0.4% expansion of the earlier period to record the first contraction since the first quarter of 2021. The development underscored a contrast between the country and other emerging economies in South America, often blamed on the lack of leeway for government stimulus in times of macroeconomic headwinds due to the country’s dollarized economy. Household consumption contracted by 0.5%, while gross fixed capital formation slumped by 7.4%. Additionally, net foreign demand contributed negatively to the GDP as exports sank by 7.4% and imports soared by 16.2%, largely due to the appreciation of the USD compared to other South American currencies. In the meantime, government expenditure grew by 1%. Considering the whole of 2023, the Ecuadorian GDP expanded by 2.4%.