Ecuador grew 8.4% in the second quarter of 2021

The Central Bank of Ecuador reported that Ecuador registered a year-on-year growth of 8.4% in the second quarter of this 2021. This increase in the national economy is compared to the same period in 2020.

Exports and household consumption drove the country’s economic growth.

According to the institution, the economic reactivation is the main cause for the figures to improve, since in the second quarter of last year there were damages due to the health emergency caused by covid-19.

The industries that achieved the highest growth in 2021 are oil refining (89.6%), oil and mines (25.3%) and fishing (20.7%). All of them thanks to the growth of national production and exports.

In addition, Ecuadorian households registered a 10.5% increase in consumption. Regarding exports, the increase is 16%; while in investments it is 9.8%.

The Central Bank also revealed that Ecuador’s economy grew in terms of Gross Domestic Product (GDP). In this second quarter, compared to the previous one, it was 2.1%. According to official information, this increase is within the 3.02% annual projection for 2021.