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Home > Country Profiles > Ecuador

Country Profiles

Financial Outlook

Ecuador’s economy grew 3.5% in the second quarter of 2013 by comparison with the same quarter in 2012. Although it was expected that GDP growth for the whole year 2013 would be more restrained than the 5% growth in 2012, the slowdown was partially explained by weaker global demand for commodities. The economy was also hurt by the shutdown of the country’s biggest oil refinery in Esmereldas for maintenance works for much of 2013. Five years ago Ecuador defaulted on US$3.2 billion of sovereign debt, but according to the government the country planned to return to the debt market either at the end of 2013 or in the first quarter of 2014. The country’s 2014 budget forecasts an inflation rate of 3.2%. The 2013 year was marked by heavy government spending by President Rafael Correa, who secured re-election with a landslide win. Correa’s government is targeting 4.5% to 5.1% GDP growth for 2014, with a 6% budget increase on 2012/13.

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Further reading on Ecuador

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