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Non-oil industries fuel Ecuador’s economic engine in q3’2013

Non-oil industries fuel Ecuador’s economic engine in q3’2013

Posted by PanamericanWorld on February 18, 2014

The Central Bank of Ecuador recently published its Q3’2013 macroeconomic results and it was good news for Ecuador’s economic performance. GDP growth has been positive for 15 consecutive quarters and remains above the regional and world average. Figures also show success in the nation’s development strategy, diversifying its productive matrix across non-oil industries.

The national economy grew +4.9% in the period January-September 2013, compared to the same period of 2012, and +4.2 percentage points (pp) of the expansion was due to non-oil industries. That represents US $19.4B, or 87% of the US $23B produced in the country in Q3. Household spending was the main driver of growth in Q3’2013, after expanding +4% to contribute +2.58 pp or 52.7% of the period’s growth. The government’s policies to protect final consumption from the 2009 crisis’ shocks, the loosening in credit for consumption and a +0.7% inter-quarter increase in average employment have been key factors in that achievement. Exports followed in performance, contributing +1.74 pp, or 35.5% of Q3 GDP YoY expansion. This component is still mainly driven by Oil & Mining, which accounted for 46.7% of total exports in the period.

Regarding economic activities, the main performers were Utilities +13%, Communications +10.1%, Professional Activities +8.8%, Agriculture +7.5%, and Construction +6.1%. However, top contributors to growth were Construction +0.62 pp, Professional Activities +0.54 pp, Agriculture +0.53 pp and Manufacturing +0.46 pp.

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