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LatinNews Daily - 06 January 2021

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In brief: Ecuador records GDP decline in Q3

* Ecuador’s central bank (BCE) has revealed that the country’s GDP contracted by 8.8% year-on-year in the third quarter of 2020, due to the continued impact of the coronavirus (Covid-19) pandemic and the measures imposed to try and contain it. This was Ecuador’s fifth consecutive quarter of negative growth, and follows a 12.4% year-on-year contraction in the second quarter of 2020. This third quarter contraction was attributed primarily to a 6.1% year-on-year drop in oil production – a key sector for the country, that was also hit hard by reduced global oil prices in 2020. The BCE’s preliminary estimates suggest that Ecuador’s GDP contracted by a total of 8.9% last year, while the bank currently forecasts 3.1% growth in 2021.