Posted On 04 Jul 2017
The latest report of the Quarterly National Accounts of Ecuador submitted by the Central Bank of Ecuador indicates that the Final Household Consumption Expenditure was the variable that had the greatest impact on the growth of the economy. The Gross Domestic Product (GDP) in the first quarter of this year was 2.6%, and household consumption grew by 3.6% compared to the same period in 2016 (see infographics). Last year, this last indicator registered a year-on-year contraction of 4.8%.
According to Central Bank data, consumption of non-food products increased by 5.8%; Food products increased by 3.7%; And services, by 2.9%. Verónica Artola, the manager of the Central Bank, said that this growth represents a greater confidence and income.(I)