Ten of the 18 economic activities described in the National Accounts of the Central Bank of Ecuador recorded inter-annual decreases in the second quarter of this year, comparing them with the same period of the previous one.
Agriculture, oil and mining continue to decline and already accumulate six consecutive year-on-year falls. While activities such as oil refining (which would have collapsed 36% in the second quarter), manufacturing, commerce, financial services and accommodation and food services are also on the list.
This was the opinion of the Cordes consultancy in its analysis after knowing the growth figures of the country that last week were published by the Central.
The public entity had indicated that between April and June 2018 the Gross Domestic Product (GDP) grew by 0.9%, in relation to the same period of 2017 and 0.4% compared to the previous quarter. In current values, the quarterly GDP reached $ 27,024 million.
According to the Central, in the second quarter household consumption grew 3.3%, which accumulated a growth of 2.9% in the first half of the year compared to the same period of the previous one.
The gross formation of fixed capital (the physical investment in construction and in machinery and equipment) would have grown 2.4% in the second quarter, accumulating a year-on-year growth of 3.2% in the first semester.
With regard to the general government’s consumption expenditure, the Central Bank recorded a 3.9% year-on-year growth for the second quarter of 2018.
Cordes said in his analysis that there are several ECB figures that have been corrected abruptly and therefore generate doubts.
8.6 percent increased imports in the second half of 2018, compared to 2017. (I)