Ecuador
- Author: Economic Commission for Latin America and the Caribbean
- Main Title: Economic Survey of Latin America and the Caribbean 2010-2011 , pp 131-136
- Publication Date: December 2011
- DOI: https://doi.org/10.18356/08477e18-en
- Language: English
In 2010 the economy of Ecuador was back on course, recording moderate GDP growth of 3.6% compared with 0.4% in 2009. Thanks to higher oil prices, the projection for 2011 has been revised upward to 6.4%. A slight upsurge in inflation is forecast for 2011, in view of international price rises. It is estimated that twelve-month inflation will close the year at between 3.5% and 4%, up on the rate of 3.3% recorded in 2010. The price increases seen in the first quarter indicate that the downward trend has come to an end, since the seasonal upswing was higher than expected for services and food. This is also borne out by higher international commodity prices, the devaluation of the dollar and the possibility that economic growth may exceed expectations. The buoyant economic performance brought about an improvement in the employment situation, and the unemployment rate fell by almost one percentage point.
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