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LatinNews Regional Monitor: Andean Group - 03 January 2018

In brief: Ecuador

Ecuador: The central bank (BCE) has reported that the domestic economy grew by 3.8% year-on-year in the third quarter of 2017. The BCE report notes that the 2017 third-quarter growth figure was based on increased levels of activity in both the oil and non-oil economic sectors which respectively increased by 3.6% and 2.2% year-on-year. However, the BCE also notes that the main driver of growth in the third quarter was domestic consumption, which increased by a solid 5.3%, suggesting that consumer confidence is on the rise. The BCE concludes that based on the third-quarter results it expects 2017 year-end GDP growth to reach 1.5%.