Ecuador Economic Data & Projections

Economic growth:

The economy recorded average annual growth of 1.5% in the decade to 2022. To read more about GDP growth in Ecuador, go to our dedicated page.

Fiscal policy:

Ecuador's fiscal deficit averaged 5.2% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.6% in the decade to 2022. For more information on Ecuador's unemployment click here.

Inflation:

Inflation averaged 1.9% in the decade to 2022. Go to our Ecuador inflation page for extra insight.

Monetary Policy:

Ecuador's monetary policy rate ended 2022 at 8.48%, up from 8.17% a decade earlier. See our Ecuador monetary policy page for additional details.

In Q2, GDP fell 2.2% year on year (Q1: +1.2% yoy), dragged down by elevated insecurity, power outages and higher taxes. Looking at expenditure components, private spending, public spending and fixed investment all fell at sharper paces, the latter due to a double-digit tumble in the construction sector. Conversely, exports of goods and services improved thanks to higher sales of oil, seafood and minerals. In Q3, the economy is expected to have experienced a slight expansion, which will nevertheless have been low by Latin American standards. That said, available signs are downbeat. In July, oil production declined year on year, and tourist arrivals tumbled in July–August. Moreover, the country’s worst drought in decades forced the government to implement power cuts in September, boding ill for economic activity at the end of the quarter.

Projections out to 2034.

37 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 18 expert analysts.

Want to get insight on the economic outlook for Ecuador in the coming years? FocusEconomics collects projections out to 2034 on 37 economic indicators for Ecuador from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Ecuador economy. To download a sample report on the Ecuador's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.