Ekuador BIP Veränderung zum Vorjahr

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%.