Posted On 31 Aug 2017
The goals are moderate and are already set. Today, the Legislature will approve this year´s State Budget, which totals 36,818 million dollars. The authorities expect to take the next step and define the scenario of 2018. They say, there will be changes in revenues and expenditure.
Minister of Economy and Finance Carlos de la Torre said that a “passive budget” was presented this year. That is, a document without significant changes and that kept in line with the previous government’s management. In 2018, however, the policies and measures to be implemented by President Lenin Moreno will be seen.
Central Bank figures show that the oil sector will play a fundamental role. The 2018 gross domestic product (GDP) is expected to grow thanks to the increased hydrocarbon activity.
Verónica Artola, the head of the Central Bank, said that the GDP growth target for this year is 0.7%. That, despite she assured in the government of Rafael Correa that the increase rate would be 1.4%.
However, Artola says that the increase will be 1.6%. Of that percentage, the biggest contribution will be that of oil. (I)