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Year-on-year growth of 3.3% of GDP in the second quarter of 2023

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Year-on-year growth of 3.3% of GDP in the second quarter of 2023

The Ecuadorian economy registered year-on-year growth of 3.3% in the second quarter of 2023 compared to the same period of the previous year, the Central Bank of the Andean country reported this Friday.

This growth was mainly driven by the increase in Government spending by 6.4%; household consumption at 4.3%, and gross fixed capital formation (FBKF) at 3.8%, detailed in a statement.

The increase in government spending was mainly related to the purchase of goods and services, as well as the payment of salaries in the health and education sectors.

On the other hand, the growth of household consumption was driven by the increase in remittances and consumer credit operations.

In addition, the positive performance of the FBKF was reflected in an increase in the acquisition of machinery and transportation equipment, as well as in the growth of the construction sector, the letter states.

Imports recorded an increase of 6.2%, driven by the acquisition of machinery, electrical equipment, basic chemical products and transportation equipment.

On the other hand, exports showed a slight year-on-year reduction of 0.2%, due to the decrease in external sales of oil, processed fish, and metallic and non-metallic minerals.

At the industry level, 15 of the 18 sectors reported positive performance during this period. Among the activities that showed the greatest year-on-year growth are electricity and water supply (10.8%), aquaculture and shrimp fishing (10.5%), education and social and health services (8.5%), mail and communications (7.5%) and public administration (4.3%).

In quarterly terms, the Ecuadorian economy experienced growth of 2.5% compared to the first quarter of 2023. This result is mainly explained by the increase in the FBKF by 7.6%, government spending by 3.5%. exports by 3.3% and household consumption by 2.5%. In addition, imports grew by 2.1%. EFE

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