10 economic sectors plummeted and eight grew in 2016

Ecuador ended 2016 with a contraction of its Gross Domestic Product (GDP) of a 1.5%, according to the macroeconomic report of the Central Bank of Ecuador (BCE for its Spanish acronym). It is the first time in 17 years of dollarization that the economy records a recession.

Monday the agency published the figures on its website, one week after the date established in its schedule of publications. Of 18 economic activities, ten closed the year with figures in red and eight presented positive data. Among the sectors that showed growth last year are oil refining and electricity supply.

Madeleine Abarca, head of the BCE, explained that the positive performance of these activities was boosted by the repowering of the Esmeraldas Refinery and the start-up of the Coca-Codo Sinclair and Sopladora hydroelectric plants. The government invested “heavily” in these areas and they now register significant growth, noted Abarca.