Weekly Report - 9 November 2004

ECUADOR | Remittance expansion tails off. Remittances by expatriate Ecuadoreans reached US$772.2m in the first half of the year, a mere 1.2% more than in the same period of 2003. For the year as a whole the central bank, taking into consideration the usual Christmas spike, is projecting a total of US$1.55bn, which is less than 1% above last year's level. Ecuadorean remittances rose sharply between 1997 and 2002, a period of massive emigration, from US$482m to US$1.43bn. Since then the growth rate has slowed down considerably, despite the fact that the outflow of Ecuadoreans has continued. This contrasts with the continuing high rate of growth of remittances by Central American expatriates.

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