Ecuadorian Central Bank Foresees Economic Decrease in 2012

Central Bank of Ecuador

Central Bank of Ecuador (BCE for its Spanish acronym) lowered the projection of its economic growth for 2012, to 4,8%. The previous prognosis was of 5,4% according to the report published by the monetary authorities this Tuesday.

The report does not explain the motive of the reduction, the government warned that the Ecuadorian economy was affect by the fall of the oil price. Meanwhile the economic organization OPEP grew a 0,7% in comparison to the last three months of 2011.

Ecuador currently produces around 500,000 barrels of oil per day and it’s the smallest member of the OPEP. The government promised to keep spending strongly to motivate the economic growth this year. (AV)