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LatinNews Daily - 17 January 2025

In brief: Ecuador’s economy down in Q3 2024

*Ecuador’s central bank (BCE) has announced that the economy contracted by 1.5% in the third quarter of 2024, compared with the same period in 2023. The BCE highlighted a 6.2% drop in gross fixed capital formation (GFCF), a 5.1% drop in exports, and a 1.04% drop in government spending year-on-year. However, household spending was up by 2.9% and imports were up by 0.3% as compared to Q3 2023. The decline in GFCF was due to a year-on-year contraction in the construction sector and in the sale of building materials, while the drop in exports was explained by decreases in the export of crude oil, oil derivatives, shrimp, and minerals, among other things. Compared to the previous quarter, GDP contracted by 0.2%. The BCE stated that this result is explained by a 1.5% decrease in exports, a 0.9% drop in household consumption, and a 0.3% decline in government spending. In contrast, GFCF grew by 2.1%, while imports decreased by 2.3% as compared to the previous quarter.

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