Economy & Business - October 2024

ECUADOR | GDP shrinks in Q2. Ecuador’s central bank (BCE) announced on 30 September that the country’s GDP contracted by 2.2% in the second quarter of this year, compared with the same period in 2023. The BCE attributed the contraction to an 8.2% decrease in gross fixed capital formation (GFCF), a 2.2% decrease in household spending, and a 0.6% decrease in government spending. However, exports were up by 1.9% in yearly terms and imports were up by 0.2%. In quarterly terms, GDP contracted by 1.9% in the second quarter. Imports were up by 6.4% compared with the previous quarter, while GFCF fell by 0.6%, exports fell by 0.3%, and household spending fell by 0.05%. Government spending increased by 0.03% compared with Q1.