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A 21-month stagnation for the construction sector
Posted On 04 Jul 2017
Ecuadornews:
The crisis in the construction sector, which has lasted for seven consecutive quarters so far, has impacted several related activities as well. On Friday, June 30, 2017, the Central Bank of Ecuador (ECB) presented the figures of the first quarter of this year. Although there was a recovery of 2.6%, the construction sector fell by 7.3%, evidencing the lingering of a crisis that began in the third quarter of 2015.
According to Enrique Pita, president of the Federation of Construction Chambers of Ecuador, a lower number of construction permits, lower mortgage loans, and a drop in the sale of building materials, evoke the crisis.
During a tour through the Vargas Street in Quito, hardware store owners indicated that until May – while the safeguard tariffs and the Value Added Tax (VAT) of 14% were in force – sales fell between 50 and 60%. (I)
Source: http://www.elcomercio.com/actualidad/sector-construccion-oferta-viviendas-leydeplusvalia.html
