Growth figure in Ecuador fell at 3.8% in 2014

Ecuador’s economy would have grown around 3.8% in 2014, below the government’s target, which could also revise downwards its forecast for this 2015 due to falling oil prices, said Minister of Economic Policy Patricio Rivera.

The authorities had expected a growth of thr Gross Domestic Product (GDP) of between 4.5% and 5.1% for 2014 and 4.1% for 2015. “Last year we are talking about a growth that may be higher to 3.6%, it may be around 3.8%,” he said.

“The last quarter was complex for the previous year and we are doing reprogramming of the economic aggregates,” added the official.

“We will have a fairly respectable growth (in 2015). The economic performance will be quite satisfactory for a situation of this kind,” said Rivera, noting that the new target will be announced in the coming weeks.